Innovation in 3 key sectors enough to boost growth by 3%: Mckinsey
Sri Lanka’s economic growth will witness a leap in the near future, if efforts are taken to iron out issues and integrate innovation across all levels in three of its key sectors, assured leading global management consulting firm, Mckinsey.
According to Mckinsey and Company (London) Partner, Ganaka Herath, Sri Lanka’s efforts to focus and eliminate bottlenecks in the agriculture, manufacturing and tourism sectors, will lead to an increase in growth by 3 percent by 2025. “By working on these three sectors alone, a leap can be achieved and having just 3 percent more GDP is something valuable. For this we need an increased focus and it is observed that the government is working on this as well,” said Herath addressing the ‘Future of Business’ forum hosted by the Ceylon Chamber of Commerce, in Colombo, yesterday.
Given the current status of the mentioned sectors, it was opined that there is a need for digital infrastructure recreation for any progress to be witnessed.
While efforts are mandatory in making the changes necessary in the digital space of these industries, Herath highlighted there is a “distinct lack” of talent across levels and it’s imperative to address the same.
“A lot of people know how to use technology but it is not enough. More work is required and an increased awareness on how such digital transformation can help uplift these sectors,” he added. Says 3% GDP growth possible by eliminating bottlenecks in agriculture, tourism and manufacturing Stresses need for digital transformation across economy Lack of talent to drive innovation efforts highlighted By Shabiya Ali Ahlam