Labour Force Contribution to the Development of the National Economy of Sri Lanka

Abstract

In this paper the author suggests solutions for the development of the national economy of Sri Lanka. The main objectives of the study are to identify the importance of labour force participation to the national economy of a developing country and to suggest solutions to develop the national economy of Sri Lanka. The study adopted a descriptive research design to achieve the research objectives and for the same, the author collected secondary data from published data sources. The analysis shows the popularity of the entrepreneurship model and the high labour force participation rate (LFPR) in developing countries. Thus, it is important to focus on labour force participation to develop the national economy of developing countries and Sri Lanka. And suggests solutions such as an entrepreneurship model, rural area development and female contribution as a long-term strategy to increase the labour force participation rate (LFPR) of the development of the national economy for Sri Lanka. Hear author further, suggests entrepreneurship is not only the long-term strategy to increase the Sri Lanka labour force participation rate but to be done continuously as entrepreneurs are the “nursery” of the next business generation of a country for the development of the national economy.