Topic: Economics of Development
Country: Sri Lanka
Delegate Name: Charlotte Emily Mathias
School: Forest Hills Northern High School
Topic page: background guide and all position papers All Sri Lanka position papers GLIMUN 2015 committees
Each nation develops economic sectors according the resources available in that country. These economic sectors are resource extraction, manufacturing, and services. Typically, developing nations are responsible for resource extraction, while developed nations are responsible for manufacturing as they have the technology to do so in an efficient manner. Each of these sectors is essential in global trade and helps develop the economy in every nation. It is the United Nations’ responsibility to discuss the economic sectors a country should develop and how to prioritize those sectors. This is important because through specialization, global trade can become much more efficient, which will contribute to economic growth in each nation.
The major products that are manufactured in Sri Lanka are apparel are rubber manufacturers. Sri Lanka also extracts resources such as coconut products, and fish. Also, Sri Lanka has become known for its excellence in providing jobs related to professional services, such as architecture, engineering, construction, and healthcare services. Sri Lanka's economy involves all three economic sectors, all of which are very important to the Sri Lankan economy. The development of the rubber industry has been especially successful in Sri Lanka. This is because in this nation, both raw rubber and finished rubber goods are now produced. This includes both the production and processing of the rubber, which greatly benefits the Sri Lankan economy because they do not have to import raw materials from other nations. The development of higher educational institutions, such as universities, has greatly affected the professional services provided by Sri Lankan citizens, and some of Sri Lankan techniques are much more advanced than other parts of the world. Sri Lanka still depends on global and regional trade for many products, such a petroleum, machinery, and foodstuffs.
