It is widely acknowledged that the current economic problems in Sri Lanka are complex and multi-faceted, and will likely require a range of solutions and approaches to address effectively.
Whether or not President Ranil Wickremesinghe, as an individual politician, can solve these problems without a mandate from the people is a matter of debate. Some might argue that political leadership is an important factor in driving economic reform and progress and that a leader with experience and a track record of success could bring valuable insights and solutions to the table. Others might argue that, without a mandate from the people, a leader may struggle to secure the support and resources needed to implement their ideas and drive meaningful change.
Ultimately, the effectiveness of any political leader in addressing the economic problems of Sri Lanka will depend on a range of factors, including their ability to work with other key stakeholders, secure the support of the public, and effectively implement their policies and initiatives.
In order to address the current economic problems in Sri Lanka, political leaders might consider the following steps:
Forming a united front: One of the key challenges in addressing economic problems is political polarization and division. Leaders from different political parties need to work together in a united front to develop a common vision and approach to tackling economic issues.
Addressing corruption: Corruption has been identified as a major contributor to economic problems in Sri Lanka. Political leaders need to take a strong stand against corruption and put in place measures to tackle this issue effectively.
Implementing structural reforms: The economy of Sri Lanka needs structural reforms to become more competitive and attractive to investors. Political leaders need to work with stakeholders to identify the reforms required and implement them effectively.
Encouraging private investment: Encouraging private investment is key to driving economic growth and creating jobs. Political leaders need to create a favorable business environment that encourages investment and fosters innovation.
Promoting financial stability: Political leaders need to work with the central bank and other financial institutions to promote financial stability and restore confidence in the financial system.
Fostering inclusive growth: Political leaders need to ensure that economic growth is inclusive and benefits all segments of society, particularly those who are marginalized and disadvantaged.
It is important to note that these are complex and challenging issues, and there are no easy solutions. However, with the right leadership and a collaborative approach, it is possible to make progress and address the economic problems facing Sri Lanka.