NEXUS probes SL’s next economic steps
View(s):The current stabilization mix in Sri Lanka has suppressed investment—the essential driver of expansion, says Shiran Ilanperuma, Researcher, Tricontinental Institute for Social Research, Journalist and a Political Economist.
Speaking at the 4th Public Policy Dialogue Forum organised by the NEXUS Research Group held recently in Colombo, he said this highlighted weak net fixed capital formation and outlined how fiscal, monetary, trade, and industrial policies have, in combination, discouraged capital deepening. His policy prescription was: rebuild public investment capacity, mobilise domestic credit into productive capital, build self-reliance in strategic sectors, and pursue industrial policy for export diversification—“it’s investment, first and foremost.” Comments made at the forum were released to the media.
Prof. Charitha Herath
Opening the forum, Prof. Charitha Herath, Chairman of NEXUS, acknowledged gains achieved with IMF support—debt restructuring traction, easing inflation, and steadier currency management. “Stability is only the first step,” he cautioned, posing three questions to frame the evening: What is holding back growth? Are we focusing on the right priorities? How do we create jobs, support enterprise, and ensure shared prosperity?
Kusum Wijethilleke, Advisor of Political Economy to the Leader of the Opposition, urged a long-term investment plan paired with structural reforms—especially in education—to align skills with high-value supply chains and the export economy. Citing international shifts in the global education market, he warned that countries that failed to invest strategically lost ground to nimbler competitors. Equitable distribution of economic gains, he added, is vital for durable growth.
During the open discussion, Parliamentarian Harsha de Silva emphasised that while labour and capital remain the core ingredients of growth, integrating into regional supply chains is the real unlock for Sri Lanka’s next phase. Activist Nimalka Fernando called for a hard look at the labour dimension, recommending a reassessment of conditions and skills development in the apparel sector to raise competitiveness and earnings.
Across interventions, a common thread emerged: stabilisation has opened a window, but growth now hinges on investment, skills, and speed—mobilising capital into productive sectors, aligning human capital with market needs, tightening links to regional supply chains, and cutting red tape that drags on new projects.
Closing the session, NEXUS emphasised that the Dialogue series will continue to convene policymakers, practitioners, and scholars to translate ideas into actionable reform—aimed at shifting Sri Lanka decisively from stable stagnation to dynamic, broad-based growth.
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