Abstract:
Today, the economic geography has evolved like
never before, leading to many of the developed
and fast-growing economies to making use of a
range of tactics and theories in addition to a
variety of other strategies in order to keep with
the intense competition while sustainably
achieving the competitive advantage. As a
result, based on those opportunities that were
missed by Sri Lanka, it is those markets that the
economy failed to exploit and could not keep
consistently catering to due to poor decisions
that were made at the top and strategic levels.
Thus, a number of valuable lessons could be
learned by the country and its decision-makers
after closely observing the nation’ history of
development post-independence in addition to
the recent economic achievements by several of
its neighbour countries. Somehow, the point is
that the new economic geography which exists in
the modern day requires economies, its firms
and individuals to identify what they could
produce better and cheaper than others and
through that identification to export them
globally so as to bring in revenue into the
economy while allowing to considerably enhance
the citizens’ living standards and reduce poverty
levels. The economy has to be put back into
track and the tactics involve setting targets to
having it on fast growing track to keep the
economic growth rate between 8% and 10%, for
the coming years. It has to be understood that
Sri Lanka seems still to be behind of many of its
neighbouring countries and that it has a lot to
take and absorb from its missed entrepreneurial
opportunities as well as how other nations cope
up with the evolving economic geography if it is
to achieve the competitive advantage.
