Sri Lanka

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the plight of the industry, the government provided various concessions to hotels, such as the rescheduling of loans and the reduction of the turnover tax from 10 percent to 5 percent. The Ceylon Tourist Board also undertook a crash promotion program in an attempt to restore the island's image in world tourist markets. Tourist arrivals in the first six months of 1987, however, showed a decline of 23 percent compared with the same period the previous year. In early 1988, the outlook was for further contraction.

In 1988 it remained unclear whether the policies of economic liberalization Sri Lanka has pursued since 1977 would succeed in their principal goals of employment, wealth creation, and economic diversification. Although increased rice production, the growth of textile manufacturing, and an improved infrastructure were successes that could be attributed to the post-1977 policies, these gains came at the cost of a mounting foreign and domestic debt and declining living ...

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of the post-1977 economic policies is Ronald Herring's "Economic Liberalization Policies in Sri Lanka: International Pressures, Constraints and Supports." A more favorable evaluation of these policies is by Surjit S. Bhalla and Paul Glewwe, "Growth and Equity in Developing Countries: A Reinterpretation of the Sri Lankan Experience." This reference should be read in conjunction with the rebuttals by Paul Isenman and Graham Pyatt in World Bank Economic Review. (For further information and complete citations, see Bibliography).

Data as of October 1988

* Sri Lanka-Populist Economic Policies [HYPERLINK: ...

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