Sri Lanka a Wealthy Nation at all Times – By Gowri Shankar
The wealth of nations does not consist in the amount of gold and silver in its vaults, as mercantilists believed, but rather in the sum total of its annual production and commerce. A nation’s wealth is determined not by its currency but by the productivity of its people. A nation should focus on commerce, innovation and a well-functioning market system. Countries should focus on the unique selling preposition (USP) of the workmanship to enhance efficiency, achieve overall economic growth and build a brand for themselves.
Laissez-Faire economics advocates for minimal government intervention in markets, suggesting that competition and the free market are seen as the best ways to ensure efficient allocation of resources. When left to operate without excessive government interference, markets have a natural tendency to balance supply and demand, set prices, and encourage innovation. The government’s key responsibility is to create a framework that allows markets to function smoothly and ensure ease of doing business for investors. An efficient government focuses more on governance to maintain a healthy economy.
The wealth of a nation is a comprehensive concept that extends beyond economic metrics, encompassing various interconnected factors. Achieving sustained prosperity requires a holistic approach that considers economic, social, and institutional dimensions. By investing in education, healthcare, infrastructure, innovation, and sustainable practices, nations can unlock their true wealth potential and create a foundation for enduring economic well-being.
Sri Lanka has abundant natural resources and capable human capital. The greatest strength of the island nation is its resilience to fightback and thrive in times of crisis. The country doesn’t need more dollars, but an economic visionary leader who prioritises the nation and inspires its people.
About author : Mr Gowri Shankar is the Managing Director & CEO , G&G Group of companies, Singapore.
