Importance of inclusive economic growth and trade-driven development stressed

Executive Director of the Centre for Poverty Analysis (CEPA) Prof. Sirimal Abeyratne, stressed the importance of inclusive economic growth and trade-driven development while addressing the International Conference on “Poverty and Development in times of crisis” in Colombo yesterday (08).

Addressing the conference, Prof. Abeyratne emphasized that sustainable development depends not only on economic expansion but also on establishing systems that genuinely serve the people.

“We have changed the way in which we are trying to meet the basic requirements and conditions necessary to build a strong and civilized economy,” he said. “But the most important thing to understand is that the system must ultimately serve the people.” he added.

Prof. Abeyratne noted that trade and economic growth remain the most effective tools for improving livelihoods and reducing poverty, stressing that development should directly benefit ordinary citizens.

“Trade-related economic development must reach the people,” he said. “Growth alone is not enough if it does not create opportunities, reduce poverty, and strengthen social protection.” he further said. Highlighting the importance of inclusive growth, he said employment generation should become a national priority, particularly for vulnerable groups including the elderly and persons with disabilities.

“We need to create opportunities for everyone, including the elderly and even the disabled,” Prof. Abeyratne said. “Creating jobs must become central to economic policy.”

He further warned that countries cannot sustain poverty reduction efforts without stronger trade and long-term growth.

“Trade is the key to sustaining the creation of opportunities,” he noted. “Without trade and growth, we cannot maintain the progress achieved over the last few years.”

Referring to the global economic environment, Prof. Abeyratne said the world is facing increasingly complex and interconnected challenges, requiring national industries to become more resilient and competitive. “We need to understand the sensitivity of global living conditions and the continuation of national industries,” he said.

The address also touched on migration and overseas employment, pointing out that hundreds of thousands of people continue to leave their countries each year in search of foreign employment opportunities.

“Every year, nearly 800,000 people are leaving in search of employment abroad,” he said, adding that sustainable development can only be achieved if sufficient opportunities are created domestically. Prof. Abeyratne concluded by stressing the importance of technology, innovation, and international cooperation in shaping the future economy.

“This is the technology that we have, and this is the future we must build together,” he added.

Source : Daily News