The Rise of China and India—Its Implications

Hoontrakul, Pongsak; Balding, Christopher; Marwah, Reena

doi:10.1057/9781137412362_6

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“…As stated earlier, both Thailand and Sri Lanka are in the middle-income trap. A country falls into a middle-income trap when the country is unable to compete in export markets with low-cost manufacturers elsewhere (Hoontrakul, Balding, & Marwah, 2014, p. 19). Sri Lanka is a lower-middle-income country with a GDP per capita of US$4,073 in 2017), while Thailand, considered as a classic example of rapid economic growth in less than a generation, had a GDP per capita of US$6,731 in 2017.…”

Section: Development Trajectories Of Thailand and Sri Lankamentioning

confidence: 99%

The Development Trajectories of Thailand and Sri Lanka: A Comparative Analysis

Marwah

Sen

2019

Millennial Asia

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The raison d’être to compare the development trajectories of two Asian economies, viz. Thailand and Sri Lanka, stems from the fact that both countries are in the middle-income level. Hence, a comparative analysis of the development trajectories of the two countries during 2009–2019, both being neighbours with religious and cultural affinities, as well as members in Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC), has been undertaken. The key objective is to decipher key policy lessons for Sri Lanka (which has been in the lower middle-income group) from Thailand’s development path (which has placed the latter in the upper middle-income group). This article also elucidates the key drivers of economic growth along with the challenges that the two countries must contend with, to attain higher growth levels. Economic drivers, such as tourism, foreign direct investment (FDI) policies and political stability are concomitant for their development.

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Section: Development Trajectories Of Thailand and Sri Lankamentioning

confidence: 99%