Question:
What can the economic development policy implemented in Sri Lanka during the period 1960-1977 be called?
(1) outward-oriented export promotion policy
(2) inward-oriented import substitution policy
(3) neo-liberal economic policy
(4) open economic policy
(5) market-centred development policy
Correct Answer:
(2)
Answer Explanation:
From 1960 until the major economic reforms of 1977, Sri Lanka pursued highly protectionist, state-led economic policies. This era is defined by the “Import Substitution Industrialization” (ISI) strategy, which restricted imports in an attempt to foster domestic manufacturing capabilities (an inward-oriented policy).
Topic: Sri Lankan Economy Year: 2019
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