Will Sri Lanka be snared in a lower middle income trap before it reaches the middle income trap prop

Monday, 23 January 2012 00:00 -     - {{hitsCtrl.values.hits}}

Sri Lanka has been harping on maintaining a continuous high economic growth, unabated and undiminished, over the next decade to elevate itself from its present status as a lower middle income country to that of a higher middle income country, just one notch below the cherished goal of becoming a rich nation. But a recent World Bank report on the Global Economic Prospects has warned of a potential downside risk for all developing countries to maintain high economic growth rates in the coming years due to the slowdown of the economies in Europe, North America and Japan.