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Economic Growth Structure: Sectoral Perspective

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ISSN: 2277-4637 (Online) | ISSN: 2231-5470 (Print)
Economic Growth Structure: Sectoral Perspective
ABSTRACT
Asia has enjoyed a remarkable growth performance
since the end of World War II. Both income per capita
and labor productivity in most sectors have rapidly
increased toward advanced economy levels. In this
context, we have formulated the research questions
as to what extent contribution of Agricultural,
Industrial and Service sectors influences on the
economic growth rate in terms of fixed price?. This
study was conducted in Sri Lankan perspective,
especially on economic growth structure. Data on
the economic growth structure from the year 1970
to 2010 were collected for the study purpose. Based
on our study, we have only found the 19.5 percent
of the contribution, which is in the significant level.
Mean time, remaining 80.5 percent is in the
inconclusive manner, because, the constant value is
not in the significant level. In this context, central
bank of Sri Lanka should have the responsible to
find out the factors influencing on the economic
growth. Further, the apex financial institutions as
central bank should be in the accountability,
independent and also in the transparency perspective
to maintain the macroeconomic stability in the
nation.
Key Words: Economic Growth Structure, Sri Lankan
Economic Perspective
*Professor.(Dr)/Dean-Faculty of Management Studies & Commerce, University of Jaffna, Sri Lanka.
**Faculty of Management Studies & Commerce, University of Jaffna, Sri Lanka.
www.cpmr.org.in
Opinion Vol. 3, No. 1, June 2013
Dr. Velnampy.T*
Achchuthan.S**
I. INTRODUCTION
Continuous increasing in Gross Domestic Product in
the real price is denoted as the economic growth. And
also, production scale of the country as a whole can be
enhanced by the economic growth. In an economy,
resources are in the position of scare. Meanwhile, the
needs and wants of the people are in the unlimited
manner. Due to that, the macroeconomic objective as
achieving the economic growth in the hyper competitive
environment is the complex phenomenon ( Huynh, 2007;
Sahoo, Dash & Natraj, 2010; kibritcioglu & Dibooglu,
2001). Especially after 1990s, In the Asian perspective,
East Asian countries grew faster than the rest of the
world for four key reasons: they had substantial potential
for growth rate, their geographical and structural
characteristics were by-and-large favorable,
demographic changes following World War II worked
in favor of more rapid growth, and their economic
policies and strategies were conducive to sustained
growth. Most importantly, the high-performing East
Asian countries recognized the imperative of joining the
world economy through the promotion of labor-intensive
manufactured exports. They promoted exports through
a combination of policies as free trade, convertible
currencies, macroeconomic stability and through a set
of innovative institutions (export processing zones, duty
exemption schemes, and incentive packages for foreign
direct investment) (Rodelet , Sachs & Wha lee ,1997).
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In which , China is the fast growing country in the world
for the last few decades and one of the defining features
of the chinas growth has been investment led growth.
Chinas sustained high growth and increased
competitiveness in manufacturing has been underpinned
by a massive development of physical infrastructure (
Sahoo, Dash & Nataraj, 2010). In contrast, in the Euro
area, during the last three decades, euro area growth
has fallen behind peers. And also the unwelcome events
as unemployment, price instability, fluctuations in the
exchange rates etc have been faced by the euro area.
Meanwhile, the financial crisis through the mortgage
loaning system has been faced by the United States of
America. Due to that, the economic recession was
occurred through the financial instability. Further, output
gap between advanced economies as United States of
America, United Kingdom & Europe countries and
Emerging economies ( Newly Industrialised Countries)
as India, China and Singapore has been narrowing over
the past decade and is expected to narrow even further
going forward ( SriLankan Economic Outlook, 2012;
IMF Staff Discussion Notes, 2012 ).
In the Sri Lankan Perspective, Sri Lanka has
experienced a lower average economic growth rate
during the period from 1960 1976. Of which, period
from 1970 -1976 country has shown a poor economic
performance. This period is especially well known as
the most trade restricted period of the economy. After
that, the liberalization policy was adopted to the
economy. As results of the liberalization policy, the
economic growth rate was increased dramatically.
Further, in the period of 1987- 89, economic growth
rate was affected by the political instability. Later, in
2001, negative growth level has been faced by the
economy. Again the Political instability was the reason
for the particular economic recession. . However as a
whole, country has performed well after 1977 with
compared to the period before 1977 ( Herath,
). Further, Sri Lankan economy has achieved the 5
percentage growth level approximately for recent four
decades ( Velnampy & Achchuthan, 2013). Due to that,
we should have responsibility to answer the question
like whether these achievements are in the effective or
www.cpmr.org.in
Opinion Vol. 3, No. 1, June 2013
not. When we answerer this type of questions in the
economical perspective. We should focus on the other
macro economic variables as money supply,
unemployment rate, exchange rate, price stability etc.
even though, 5 percentage growth level is the sati
factionary one in the South Asian Region. And also we
have seen that growth rate has been steadily increased
for last decade (2000-2010), (SriLankan Economic
Outlook, 2012; Central Bank Reports, SriLanka, 2000,
2005 & 2010).
In the economic sectoral context, Asias long-run
macroeconomic achievements have also depended
importantly on policies that encouraged resource shifts
from low- to high-productivity sectors. This applied both
to the overall shift from agriculture toward industry and
services and to the continuing move within manufacturing
toward higher value-added products. Looking ahead,
a continuing shift of labor away from the still-large
agricultural sector will, especially in lower income
countries, provide an important channel to boost growth
and reduce rural poverty. Further efforts to increase
trade openness, ensure widespread access to education
and health care, and encourage entrepreneurship will
help these countries sustain this vital transition. More
generally, ensuring significant structural flexibility,
including in labor markets, while establishing effective
social safety nets will prove increasingly important as
Asia strives to maintain its competitive edge, provide
growing employment in industry and services, and make
significant inroads into poverty eradication (Jaumotte
& Spatafora, 2007). In this way, we have focused the
study on the economic growth structure, sectoral
perspective in the emerging economy as Sri Lanka in
the South Asian perspective. Therefore this study will
help to the policy makers to get economic cues and
insides.
II. RESEARCH QUESTION
The following research question has been formulated in
this study as
What extent contribution of Agricultural, Industrial
and Service sectors influences on the economic growth
rate in terms of fixed price?
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III. OBJECTIVES
The main objective of the study is to find out the
impact of the contribution of Agricultural, Industrial and
Service sectors on the economic growth rate in terms
of fixed price
Secondary objectives are:
To find out the relationship between contribution
of Agricultural, Industrial and Service sectors and
the economic growth rate in terms of fixed price
To find out the trend in the contribution of
Agricultural, Industrial and Service sectors to the
gross domestic product
To suggest the Policy makers to formulate the
policy on the economic sectoral context in the
developing countries perspective keep the
favorable level of economic growth
IV. REVIEW OF LITERATURE
There are some studies which have been carried out to
find the impact of the contribution of Agricultural,
Industrial and Service sectors on the economic growth
rate. Especially in the Sri Lankan context, studies in the
economic growth rate in the sectoral perceptive have
not been perfectly focused yet now. This study will help
to fulfill this research gap. In this context, Economic
growth and development are the complicated process
that falls into the domain of many disciplines in social
sciences and humanities (kibritcioglu and Dibooglu,
2001).
Asia has enjoyed a remarkable growth performance
since the end of World War II. Both income per capita
and labor productivity in most sectors have rapidly
increased toward advanced economy levels. An analysis
of this striking record highlights several key lessons, both
for Asian countries aiming to continue converging toward
advanced-economy income levels, and for other
developing economies seeking to emulate their success
( Jaumotte & Spatafora, 2007).
Singh and Dahiya (2010) have pointed that, after
initiation of the development planning process in 1951,
the Indian economy grew at an average rate of about
3.5 percent for three decades. Indias economy
www.cpmr.org.in
Opinion Vol. 3, No. 1, June 2013
expanded during the 1980s to reach an annual growth
rate of about 5.5 percent at the end of the period. It
increased its rate of growth to 6.7 percent between
1992-93 and 1996-97, as a result of the far-reaching
reforms embarked on in 1991 and opening up of the
economy to more global competition. Fifteen years later,
there was a significant slowdown in the growth rate due
to global financial crisis in 2008-09. Further they
suggested that The Indian government should focus the
macroeconomic stability, infrastructure development,
financial services and marketing opportunities to enhance
the growth level of the country.
In 1978, Liberalization policy has been adopted in
the Sri Lankan economy. Economy has focused on the
capital expenditure to do the investment activities. And
also current transfer and subsidies have been increased
dramatically to induce the social development. Foreign
Direct Investment has also been attracted through the
liberalization perspective ( Herath, ).
In the Sri Lankan perspective, Velnampy and
Achchuthan (2013) have pointed that, the economic
growth rate was spread between 1 and 7 percentages
in last four decades. Further, in the year 2001, Sri Lanka
got negative growth rate due to the political instability in
the country. After that, the growth rate was increased
steadily. And also, in the year 2010, Sri Lankan economy
has achieved the highest level of economic growth as 8
percentages. Further , They have suggested that
Government should stimulate the domestic demand and
job creation through the public investment (implement
the labor intensive projects both in cities and rural areas)
; banking system should be strengthen by the ministry
of finance and central bank of Sri Lanka to monitor the
system of financial institutions to support the fiscal policy
of the country. Finally they have recommended to the
government of Sri Lanka to formulate the industrial
structure master plan in order to build an export oriented
system. Meanwhile, government should focus on the
interest rate, long term fund, natural resources, industrial
entrepreneurs, capital requirements, technology, finance,
marketing, and product development strategies.
The key to rapid growth in the developing world is
thus a combination of strategies aimed at the dynamic
transformation of production structures with appropriate
macroeconomic conditions and stability (Cardenas,
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Ocampo and Throp, 2000; Ocampo, ). Further,
Ocampo () has noted that, the focus on the
structural dynamics helps to identify the specific policy
areas authorities should target to accelerate economic
growth. Accordingly, efforts should be made to : (1)
Encourage innovation, a strategy of diversification of
the production structure is the key to increased
innovations and (2) Encourage the development of
the complementarities that generate positive demand,
particularly in terms of the development of the sectors
that produce specialized inputs and services
(Knowledge, Logistics and Marketing Services) a strong
and deep domestic financial system, and adequate
infrastructure.
In the economic structure, Agricultural sector
provides resources to the non-agricultural sectors not
only, but also an important market for the industrial
products. Industrialization can be stimulated by the
agricultural sector (Gamhewage and Peiris, 2012;
Delgado, 1994; Timmer, 1988). In contrast, Yao (2000)
has done the study on how is agriculture important in
Chainas economic growth. Findings revealed that
agricultures share in the GDP (Gross Domestic Product)
declined sharply overtime; it was yet an important force
for the growth of the other sectors.
Worlds developed economics have already
completed the transition to service economies while the
emerging economies are still making their way to that
level through structural changes. In the Sri Lankan
context, the dominance of service sector and its
unceasing growth make it play a vital role in the
economic development. The transition from agricultural
to industrial economy which was expected after the
industrial revolution in 1977 is now smoothly transiting
to the service economy. Further, the service sector is
found to be the most influential sector in the Sri Lankan
context. It can be the most influential because it accounts
approximately 58% of the countrys GDP in the recent
years. Furthermore, the service sector is the most
independent as other two sectors heavily depend on it
(Gamhewage and Peiris, 2012).
All these previous studies on the economic growth
in the Sectoral Perspective have made the useful
contribution to understanding the insides of the study.
However, studies related to the linkage between the
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Opinion Vol. 3, No. 1, June 2013
contribution of agricultural, industrial and service sectors
and economic growth are in the lacking manner especially
for an emerging economy like Sri Lanka. Due to that,
this study seeks to bridge an important by empirically
examining the relationship between contribution of
Agricultural, Industrial and Service sectors and the
economic growth rate in terms of fixed price in the Sri
Lankan Context.
V. HYPOTHESES DEVELOPMENT
H1: There is a significant impact of Sectoral
contributions in the gross domestic product on the
economic growth.
H2: There is a significant relationship between
agricultural sector contribution in the gross
domestic product and the economic growth.
H3: There is a significant relationship between industrial
sector contribution in the gross domestic product
and the economic growth.
H4: There is a significant relationship between service
sector contribution in the gross domestic product
and the economic growth.
VI. METHODOLOGY
Data collection
Secondary data which are collected from the Central
bank reports, Sri Lanka have been utilized in this study.
Further, textbooks, journals, magazines in the Economic
perspective were utilized for this study.
Sample
This study was conducted in Sri Lankan perspective,
especially on the Economic Growth Structure, Sectoral
context. Data on the economic Growth Structure from
the year 1970 to 2010 were collected for the study
purpose.
Data analysis method
Various statistical methods have been employed to
compare the data. Descriptive statistics used to test
the sample characteristics. Time series analysis was also
carried out to identify the trends over the last forty years.
Inferential statistics like correlation and regression which
Opinion: International Journal of Management 35
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involves in drawing conclusions about a population used EG = o

+ 1
AG + 2
ID + 3
SER +
to test the hypotheses.
Where:
Regression analysis is used to find out the significant
EG= Economic Growth(Dependent variable)
impact of the contribution of Agricultural, Industrial and
Service sectors on the economic growth. Correlation o
= Intercept
analysis is used to find out the significant relationship 1
= Population slope
between contribution of Agricultural, Industrial and 2
= Population slope
Service sectors and the economic growth. ( SPSS- 16 3
= Population slope
version and Eviews - 5 version have been utilized in this AG= Agricultural sector contribution to the gross
study ) domestic product (Independent variable)
ID = Industrial sector contribution to the gross
Research Model domestic product (Independent variable )
Economic growth is a function of the contribution of the SER = Service sector contribution to the gross domestic
agricultural, industrial and service sectors in the gross product (Independent variable)
domestic product. = Random Error

Design of the variables: Operationalisation

According to the above model and hypotheses and Measurement of Variables
development, we can construct the new research models The following table gives a clear picture regarding the
for the study. variables and measurements used in this study.
Table 1
Design of the variables
Concept Variables Indicator Measures Symbols
Economic Gross domestic Gross domestic product (Present year GDP Previous year GDP)/ GDP
Growth Rate product growth rate in the Fixed price Present year GDP * 100
Agricultural sector Agricultural sector contribution (Amount of Agricultural sector contribution in the AG
contribution in the gross domestic product gross domestic product/GDP in the fixed price )*100
Sectoral Industrial sector Industrial sector contribution in (Amount of Industrial sector contribution in the gross ID
contribution contribution the gross domestic product domestic product/GDP in the fixed price )*100
Service sector Service sector contribution in the (Amount of Service sector contribution in the gross SER
contribution gross domestic product domestic product/GDP in the fixed price )*100

VII. RESULTS AND INTERPRETATION Note:

Blue line represents the Agricultural sector contribution
Time Series Analysis
60
to the gross domestic product. Red line denotes the
Industrial sector contribution to the gross domestic
50

product. And also, black line represents the Service

40
sector contribution to the gross domestic product.
30

20
Based on the time series analysis, we have identified
the economic cues in the Sri Lankan context; After the
10
1970 1975 1980 1985 1990 1995 2000 2005 2010
1990s, agricultural contribution has been decreasing
AG ID SER
continuously. Finally it reached as 12 percent in terms
Figure 1 Time Series Analysis

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ISSN: 2277-4637 (Online) | ISSN: 2231-5470 (Print) Opinion Vol. 3, No. 1, June 2013

of agricultural contribution in the gross domestic product. Correlation Analysis

This circumstance is not good to the Sri Lankan social The purpose of correlation analysis is to find out the
community, because, self sufficient in the food is significant relationship between contribution of
considered as backbone of the good society in terms of Agricultural, Industrial and Service sectors and the
social, economical and political point of view. economic growth rate. Table No 02 presents the results
Industrial sector contribution has been steadily of the correlation analysis.
increasing since 1990s. Eventually, in 2010, it reached
Table 2
as 30 percent in terms of industrial contribution in the
Correlation Analysis
gross domestic product. Further, the growth in the
industrial sector is the good single to the economic EG AG IN SER

growth in the long term point of view; meanwhile, the EG 1 -.319 .430 .241
sig .042 .005 .130
agricultural sector should be integrated in the industrial
AG 1 -.680 -.973
sector to get the economic growth. It means that, the sig .000 .000
inputs in the industrial sector should be taken from the IN 1 .492
domestic agricultural sector. That will give the value sig .001
additions within the country. Finally, these kinds of SER 1
activities can induce the standard of living of the people sig

in the rural and also in the urban areas. In the industrial
view, manufacturing sector has contributed to the gross
domestic product as 17 percent in the recent year 2010.
In which, garment industry has played a major role
(Central bank report, 2010)
Service sector contribution has also been steadily
increasing since 1980. Further, in recent year, 2010, in
the service sector, 23 percent of the gross domestic
product has been contributed by the whole sale and
retail sector, which was the highest percent in the service
sector contribution. Mean while, we have indentified
the facts that contribution of banking, insurance in the
financial sector has been increasing dramatically. In 1977,
1.9 percent of the gross domestic production has been
contributed by the banking and insurance sector. In 2010,
9 percent of the GDP has been contributed by the
banking and finance sector to the national economy
(Central Bank Reports, 1977, 2010). In Sri Lanka, the
rapid growth of banking and other financial services
provide the financial infrastructure facilities to the
economic expansion and structural transformation .this
is clearly reflected in the growth of assets in the financial
sector and the contribution of the financial sector to gross
national product in last ten years (Abeysekera and
Hewawasam , 2010)
According to the Correlation analysis, there is a
significant relationship between agricultural sector
contribution in the gross domestic product and the
economic growth, which is significant at 0.05 levels (P
< 0.05). Further, the relationship between two variables
is in the negative trend. Hence the H2 is accepted.
In the industrial sector view, there is a significant
relationship between industrial sector contribution in the
gross domestic product and the economic growth, which
is significant at 0.05 levels (P < 0.05). Further, positive
significant relationship has been found. Therefore, the
H3 is also accepted.
In contrast, there is no significant relationship
between service sector contribution in the gross
domestic product and the economic growth, which is
not significant at 0.05 levels (P > 0.05). Hence the H4
is rejected.
Regression Analysis
The purpose of Regression analysis is to find out the
significant impact of Sectoral contribution in the gross
domestic product on the economic growth. Table No
03 presents the results of the Regression analysis. In
which, Sectoral contribution is considered as
independent variable. And Economic growth is
considered as dependent variable.

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Table 3 which have not been focused in this study; meantime,

Regression Analysis based on the constant value, 80.5 percent of the
Variable Coefficient Std. Error t-Statistic Prob. economic growth is not in the significant level (P> 0.05).
AG -1.482906 2.246473 -0.660104 0.5133
Therefore, the factors influencing in the economic growth
are in the inconclusive way in the last forty year economic
SER -1.474400 2.256236 -0.653478 0.5175
history of the Sri Lanka.
ID -0.999003 2.268014 -0.440475 0.6622
Finally, based on the overall model summary and
C 139.3990 225.4201 0.618396 0.5401
its significant level, H1 is accepted.
R-squared 0.195425 Mean dependent var 4.680488
Adjusted R-squared 0.130189 S.D. dependent var 1.968530 VIII. CONCLUSION AND
S.E. of regression 1.835923 Akaike info criterion 4.145440 RECOMMENDATION
Sum squared resid 124.7127 Schwarz criterion 4.312618 Based on the overall study findings, there is a significant
Log likelihood -80.98152 F-statistic 2.995661
Durbin-Watson stat 1.762537 Prob (F-statistic) 0.042995 negative relationship between agricultural sector
contribution in the gross domestic product and the
According to the output in the regression analysis, economic growth. The expenditure on agricultural sector
the adjusted Rsquared value indicated that, 19.5 should be output oriented. Sri Lankan government is
percent of the variation has been found. It means, 19.5 providing a great amount of loan to Farmers for their
percent of the economic growth has been influenced by agricultural activities through Banks. Here the monitoring
the sectoral contribution. In addition, 19.5 percent of activities should be made, because, most people get
the influence or impact is in the significant level (P < loans and not used for that purpose. And also, industrial
0.05). Further, the 19.5 percent is considered as the sector contribution in the GDP has the positive significant
least level of contribution in the economical perspective. relationship with economic growth. In contrast, there is
Durbin-Watson, the classic test statistic for serial no significant relationship between service sector
correlation. A Durbin-Watson close to 2.0 is consistent contribution in the GDP and the economic growth.
with no serial correlation, while a number closer to 0 Meanwhile, there is a significant impact of Sectoral
means there probably is serial correlation. In our study, contributions in the GDP on the economic growth. In
DW has the value as 1.76 which is closer to 2.0. Due the individual perspective, all the three sectors havent
to that, we are able to come to the fact that there is no the significant impact on the economic growth. However,
serial correlation between the variables which have been the integration of agricultural, industrial, and service
sector have the significant impact on the economic
used in this study.
growth. Meantime, the impact or influence level is in the
According to the t Statistic, economic growth has
least percent as 19.5. Further, the remaining 80.5 percent
not been influenced individually by the agricultural, is not in the significant level. Due to that, we are in the
industrial and service sector contributions. Meantime, question mark to identify the factors influencing on the
based on the overall model summary, the economic economic growth.
growth has been influenced by the combination of
In this context, central bank of Sri Lanka should
agricultural, industrial and service sectors contribution
have the responsible to find out the factors to influencing
(F= 2.995; P < 0.05). It means that, integration of the economic growth. Based on our study, we have
agricultural, industrial and service sectors contribution only found the 19.5 percent of the contribution. Mean
have the significant impact on the economic growth. In time, remaining 80.5 percent is in the inconclusive
contrast, individually all the sectors as agricultural, manner, because, the constant value in not in the
industrial and service have not hold the significant impact significant level. Further, the apex financial institutions
on economic growth. Remaining 80.5 percent of the as central bank should be in the accountability,
economic growth is contributed through the other factors independent and also in the transparency perspective.
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In this context, we have made some suggestions to
the Sri Lankan economy to emerge as a successful
economy in the south Asian region.
In 1999, Research Institute for Development and
Finance, Japan Bank for international Cooperation have
done the study in the issues of sustainable environment
growth from the Asian countries perspective. With the
help of the findings and suggestions of the particular
broad study, we have suggested to Sri Lankan economy
to enhance the growth strategically.
Agricultural sector development perspective:
Revision of Agricultural policy through the
comprehensive master plan. The government
should have the responsibility to promote the
development of the agricultural base through
financing for farmers, and to solve the poverty
problems in the rural communities.
Improvement of equity in agricultural development
and development through training capable persons.
Preparing regional infrastructure and agricultural
development by promoting research in agricultural
fields.
The government promotes development of
agriculture and in the rural communities through
financing for farmers, and resolves the problem of
poverty in the rural communities. Meantime,
monitoring activities should also be carried out after
the financing in order to make the success in their
ventures.
Industrial sector development perspective:
To stimulate the domestic demand and job
creation through the public investment (implement
the labor intensive projects both in cities and rural
areas).
The Sri Lankan government should formulate the
industrial structure master plan in order to build
an export oriented system. Meanwhile,
government should focus on the interest rate, long
term fund, natural resources, industrial
entrepreneurs, capital requirements, technology,
finance, marketing, and product development
www.cpmr.org.in
Opinion Vol. 3, No. 1, June 2013
strategies. Specially, the entrepreneurs in the
country should be empowered. Contribution of
the North and Eastern part of Sri Lanka to the
GDP is very low. Women headed families are
there, so that the government can take necessary
action to increase the contribution to the GDP by
empowering such people.
Promotion of small and medium sized enterprise
as supporting industries. Entrepreneurship is a key
driver of our economy. Small business started by
entrepreneurially mined individuals creates wealth
and high majority of employment opportunities.
Carry out human resources development, which
matches the industrial development (education and
training which emphasizes industry-university co-
operation, introduction of tax preferential measures
for the internal education, etc.).
Promote science and technological development
in priority industries such as machinery,
electronics, petrochemicals, construction, housing,
automobiles and infrastructure, etc.
To ensure the environmental protection,
introducing preventive measures for environmental
pollution (introduction of the clean technology,
establishments of environmental assessment of
projects etc.)
Service sector development perspective:
Strengthening the banking system, the ministry of
finance and central bank of Sri Lanka should
establish the monitoring system of financial
institutions to support the fiscal policy of the
country.
To stimulate the export promotion through the
grant , tax reduction , tax relief etc through the
fiscal policy of the country
To formulate the Macroeconomic stabilization
plans. In which, other macro economic variables
as price stability, employment opportunities,
interest rate, exchange rates etc.
Ensuring the health of the banking system by
establishing monitoring of bank business, audits,
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information disclosure, and warning functions
under leadership of the Ministry of Finance and
Bank of the country.
Improvement of market system by appropriate
principle of competition, improving the
transparency of the financial sector, improvement
of commercial laws, and improving the capability
of the bureaucratic system
Finally, we can note that, theses perditions surely
will help to the policy makers, academics, students in
the economic perspective to take the decision in terms
of economic growth in the Sri Lankan point of view.
And also policy makers may take the cue from these
studies.
IX. REFERENCES
1. Abeysekera, N., & Hewawasam, B. (2010).
Relationship marketing: Customer commitment
and trust as a strategy for corporate banking
sector in SriLanka: University of Kelaniya, Sri
Lanka.
2. Cardenas, E., Ocamp,J.A. and Thorp, R. (eds)
(2000): The Export Age : The Latin American
Economics in the Late nineteenth and Early
twentieth centuries, in as economic history of
twentieth century Latin America, Volume one,
Palgrave Press and St. Martins.
3. Central Bank Reports , SriLanka, 1970, 1977,
1990, 1995, 1998, 2000, 2005 & 2010,
4. Delgado, C. (1994), Agricultural growth linkages
in sub Saharan Africa, Washington, DC,US
Agency for International Development.
5. Gamhewage, M.I. and Peiris, U.I. (2012).A
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Opinion: International Journal of Management 40