Emerging economies forging ahead

Ramani KANGARAARACHCHI

The global economic balance is shifting towards emerging economies Munasinghe Institute for Development (MIND) Director Prof Mohan Munasinghe said. Speaking at a seminar organized by the Central Environment Authority to coincide with its 30th anniversary recently, he said for the past decade, emerging and developing economies have grown over five percent faster than advanced economies and the global balance of economic momentum has changed.

“The US, Europe and Japan are still struggling to come out of the financial crisis and facing major issues including low growth and high debts while emerging economies like China, India and Brazil are forging ahead after only minor initial downturn in growth,” he said.

Munasinghe said business as usual poses unacceptable risks for the future as people face multiple economic, environmental and social threats exacerbated by climate change.

But the country can move forward to transform the risky current trend into a safer and better future by integrating approach of sustainomics framework which makes development more sustainable.

However, the transition must start now. With green economy transition integrated within sustainable development strategy to address multiple problems.

The way forward is to address complex, multiple, interlinked sustainable development issues within the integrated sustainomics framework.