Here is the thing, I am not an expert in the Economy or any kind of expert. I am just a normal Sri Lankan citizen who has lived through the rise and the downfall of the economy. This is what I have experienced and what I have studied. I am writing this article has practical can be in my opinion. So, if you are thinking I am wrong Please let me know. Okay darling, now let’s start dancing. Shall we?
The first thing change I am suggesting is the downgrading of our public sector. In 2016, 51.5 of employees were from basically public companies. Which is a huge number and well a huge burden on the government.
Before you say anything let’s see the same statistics regarding a so-called developed country. In 2016, the public sector only employed 18% of workers. While the rest is an employees by obviously by the private sector.
See how much of the difference is there. In Sri Lanka, there is a huge problem with the overcrowding of the public sector. One result that is workers become less productive in the workplace because there is less competition among them. So, my suggestion is to downgrade our public sector. People are going to lose jobs and they might have to work hard to keep their jobs. Sametime, make new opportunities in the private sector so people can change from the public sector to the private sector. As a result, there is going to be more competition inside the market which can lead to more job opportunities. The result is that the workforce is going to be more productive.
The next change I want to see is the attitude towards the ruling system. This is now somewhat changing after the recent incidents in Sri Lanka. Still, people are going to think that one man alone can change a whole country. This is what is true, there should be a good leader. Sametime, there should be a good constitution that even when the absence of a good leader, the country can survive without hardship. So, people should get out of this mindset that worships the leader. They should focus on making a good constitution.
The third change I would like to see is how our economic system. In 2022, 52% of export are from textile and garments, and 17% is from tea. Where are the other export products? Why can’t we export our knowledge to the world? In our big neighbor India, 16% of export are pearls, precious and semi-precious stones, jewelry, mineral fuels, oils and waxes, and bituminous substances 12%. I understand we don’t have these precious materials. I used these statistics to show how diverse is their export sector. Okay, let’s see something like our own country, I mean Singapore. In Singapore’s economy, 42% of exports come from machinery and equipment, and chemical products 13%. We can not compete with big countries like India, and China in regard to natural resources. But we can compete with those countries’ sectors like IT, Banking systems, and trading hubs. If we can shift our economy from providing just providing garments to providing services. In my opinion, our economy should prioritize services. We can make our country to service hub.
The next is I would like to see is a change to our laws and our tax systems. I am one of the proponents of increasing taxes. I know for a fact more taxes mean more hardship for the citizen. Before start commenting just hear me out. What I am saying is that taxes more sectors in the economy which have higher GDP percentage and induvial. Sametime, make the procedures easier so that new business can start without any huge hiccups. Also, make it easier to have foreign investments. It can be fewer taxes or even benefits for the investments.
The last and most valuable change I want to see is a change of attitude toward everything in people’s life. It can be simplifying even driving or day-to-day activities. If our attitudes not going to change. Trust me that is the most important thing to change.