Nobel Laureate and world renowned economist Joseph Stiglitz said that if a country achieved more egalitarian growth, it would lead to its better economic performance, resulting in less social strife.

He made this remark at the opening day of the Sri Lanka Economic Forum 2016, when the question was raised if Sri Lanka could be a new Singapore.

Speaking on the matter, Stiglitz said that the analogy was interesting. He recalled how Singapore was much poorer at the time of its independence, talking about certain advantages that Sri Lanka now possesses in the form of a well-educated and healthy population.

Referring to the economic growth rates of countries in Asia such as India and China, he said that these were “enviable”, adding that the situation was quite different from the stagnation in Europe and recession in Brazil, Russia and other oil producing countries.

On the lessons to be learnt from Singapore in terms of economic development, Prof. Stiglitz said it was an example of a “development state,” where the government played a “very major” role in steering the economy.

(With inputs from The Hindu)