Sri Lanka will grow old before getting rich

[Uguduwa]

Sri Lanka’s demographic dividends which began in the 1990s will end in 2030 as the workforce declines, ADB said.

The multilateral lender said Sri Lanka is likely to become old before it gets rich.

Sri Lanka in 2019 became an upper middle income country with per capita income of around 4,000 US dollars, but will need to triple the number to just over 12,000 US dollars to be considered a high income state.

ADB said Sri Lanka’s productivity might fall as the population ages, reducing both physical and cognitive capabilities.

Sri Lanka is experiencing this demographic transition at an earlier stage, when compared with other developing economies, at a lower level of per capita income.

The share of elderly (aged over 65) in the economy will grow from 9.4 percent in 2015 to 21 percent by 2045 and 35.6 percent by 2100, ADB said.

However, the retirement age for the public sector is 60 years, while for the private sector, persons can draw out their Employees’ Provident Fund savings by 50 for females and 55 for males.

Sri Lanka will see higher dependency ratios in the future as both the share of elderly and children grow, ADB said.

https://economynext.com/sri-lanka-will-grow-old-before-getting-rich-48616/

 

[Uguduwa]

This is a huge nightmare. It's a shame that 2 decades of demographic deividend were lost thanks to a useless war. Sri Lanka has 10 more years to find a solution but with the turds ruling and disappointing trends of majority of the population, I doubt anything of substance would happen.

 

[gangsta_rap]

This is a huge nightmare. It's a shame that 2 decades of demographic deividend were lost thanks to a useless war. Sri Lanka has 10 more years to find a solution but with the turds ruling and disappointing trends of majority of the population, I doubt anything of substance would happen.

get migrants from africa

 

[FuturePAF]

This should be a lesson to other nations to get tough and reform, so that their demographic divided can be best utilized before it becomes a demographic burden.

Sri Lanka could import young guest worker labor as the middle eastern countries do, but the earnings will be remit to their home countries, so the benefits will be limited. Sri Lanka could invite people from the Maldives and other island nations that are losing their homes to climate change. These workers could be a boost to Sri Lanka's Fishing industry, if Sri Lanka can build up a large modern fishing fleet.

 

[Uguduwa]

This should be a lesson to other nations to get tough and reform, so that their demographic divided can be best utilized before it becomes a demographic burden.

Sri Lanka could import young guest worker labor as the middle eastern countries do, but the earnings will be remit to their home countries, so the benefits will be limited. Sri Lanka could invite people from the Maldives and other island nations that are losing their homes to climate change. These workers could be a boost to Sri Lanka's Fishing industry, if Sri Lanka can build up a large modern fishing fleet.

Already happening. Actually Sri Lanka hosts the largest share of Maldivian diaspora but Maldives itself is relatively rich so these people often engage in skilled jobs. India will also have a labour surplus in the future so a richer Sri Lanka could probably be able to attract young Indians. This is a race against time. In 10 years time, Sri Lanka should hope to be relatively rich to be able to attract immigrants. I also saw some plans to set up branches of high ranked foreign universities and boost the quota for foreign students in state universities to attract skilled labour.

 

[FuturePAF]

Already happening. Actually Sri Lanka hosts the largest share of Maldivian diaspora but Maldives itself is relatively rich so these people often engage in skilled jobs. India will also have a labour surplus in the future so a richer Sri Lanka could probably be able to attract young Indians. This is a race against time. In 10 years time, Sri Lanka should hope to be relatively rich to be able to attract immigrants. I also saw some plans to set up branches of high ranked foreign universities and boost the quota for foreign students in state universities to attract skilled labour.

What kind of workers does Sri Lanka need? Maybe Sri Lanka could invite Pakistani skilled workers.

 

[Uguduwa]

What kind of workers does Sri Lanka need? Maybe Sri Lanka could invite Pakistani skilled workers.

I think for now it's construction workers. Also seems like Sri Lanakn youth seem to love driving Tuk Tuks than doing a real job.