The New Economic Geography and Missed Entrepreneurial Opportunities: A Critical Review of the Sri Lankan Economy

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.