Global South refers to the nations in Central and Latin America, African and most parts of Asia. These nations face similar challenges that are mainly economic-based. Such nations are prevalent to social, economic, and political upheavals. The population of these areas offers a lot of hopes for investments, economic growth, and cultural contributions. The paper will focus on the stage or epitome of economic development in Sri Lanka, a nation in the Asian continent that suffered an earthquakes tsunami effects nine months ago.
As expected, once there is a calamity in a nation, its economic growth rate slows due to reduced business activities and destruction of vital business centers. There are many reasons that can be attributed to less economic growth of Sri Lanka. However, the main reason is low industrialization. Most of the few industries in the nation are concentrated almost in the country’s capital (Gamani & Kalengama, 2004) .
The nation has made a step further to come up with a free market economy through international provision of services. Most of the capital in Sri Lanka is generated in private sectors. The policy has reduced the barriers to exportation and importation of other goods and services by individuals. Other policies involve the market socialism whereby most of the industries in Japan are state-owned through the shareholder system. The prizes of these products are controlled by the demand and supply rules. Through this, Sri Lanka has enabled itself, as a nation, to find market outside its borders. The import and export balance of Sri Lanka had always been higher than today until the tsunami disaster that hindered most of the transport activities especially via the ocean, hit its coastal areas (Gamani & Kalengama, 2004).
The future of the Sri Lankan economy is highly predictable to be a rich and flourishing one with immense industrialization activities. With many measures to reduce the impact of tsunamis and earthquakes, the future of the Asian nation can be described as a bright one. The Sri Lankan government, through its ministry of trade, has allowed international investors and students into the nation through the provision of scholarships and reduction of policies that hinders immigration activities into the country.