Plenary 1.4: Economic Resilience amidst Turbulent Times
- Countries like Sri Lanka and Pakistan should engage in systematic debt restructuring processes to ensure sustainable growth and prevent dependency on international financial institutions (e.g., IMF). A structured framework would mitigate economic volatility and allow for gradual, resilient economic recovery.
- Address systemic corruption and governance challenges that hinder economic stability. Improving transparency and accountability in governance will build public trust and enhance economic efficiency, essential for attracting investments and securing international support.
- Move from mere economic stabilisation efforts to strategies aimed at fostering long-term resilience. This involves setting and adhering to economic policies that promote sustainable, diversified growth, especially in the face of global and regional crises.
- Streamline and strengthen tax policies to improve domestic revenue mobilisation. Effective tax reforms, including expanding tax bases and optimising collection, are critical to reducing dependency on foreign aid and loans.
- Prioritise human capital development through investments in education, health, and skills training. A skilled, educated workforce will drive productivity and foster a competitive business environment, facilitating economic growth.
- Implement policies to create a conducive business environment, encouraging entrepreneurship and foreign investment. Reducing bureaucratic hurdles and offering incentives for investment are necessary steps to bolster private sector engagement and economic growth.
- Focus on long-term economic reforms rather than short-term fixes. This includes tackling structural issues such as inefficient tax systems, inadequate infrastructure, and restrictive labour markets. A comprehensive reform agenda should be designed with clear timelines and accountability measures.
- Develop holistic approaches to tackle multidimensional poverty, considering factors such as education, health, and economic security. Programmes should be designed to address these interconnected aspects, moving beyond income-focused poverty alleviation strategies.
- Collaborate regionally to address economic and geopolitical challenges that affect development. Collective efforts towards resilience and stability can reduce dependency on foreign aid and create a supportive environment for regional trade and cooperation.
- Advocate for changes in global financial assistance criteria, focusing on transparency and accountability. Conditionality in loans should underscore anti-corruption measures, governance improvements, and socioeconomic reforms tailored to long-term sustainability.
