IDEAS home Printed from https://ideas.repec.org/a/vrs/bjrecm/v11y2023i1p240-256n10.html
   My bibliography  Save this article

Economic Crisis Adaptation in Sri Lankan Construction Industry: Pathway to Prosperity

Author

Listed:
  • Weerakoon Thilina Ganganath

    (Institute of Civil Engineering and Real Estate Economics, Riga Technical University, Riga, Latvia)

  • Wimalasena Sulaksha

    (Institute of Civil Engineering and Real Estate Economics, Riga Technical University, Riga, Latvia)

  • Fedotova Kristine

    (Institute of Civil Engineering and Real Estate Economics, Riga Technical University, Riga, Latvia)

Abstract

The construction industry is a critical sector in the nation’s economic growth, accounting for a sizable share of GDP growth. However, it is the most vulnerable industry to a financial depression, whether local or worldwide. The present economic crisis has had an impact on the Sri Lankan construction industry, with more than half a million employees lost their jobs in the previous year. Many major construction firms have either paused or abandoned their projects and shifted to overseas construction. Therefore, understanding the consequences of financial crises regarding construction initiatives in Sri Lanka, as well as anticipated post-crisis growth paths in this sector, necessitates a thorough examination. The goal of this study is to extensively examine the consequences of the 2022 economic crisis on Sri Lankan construction projects and investigate remedies that might start a post-crisis rebound. The study utilized a mixed-method approach, combining quantitative and qualitative research methods. Purposive sampling was used to choose construction industry participants from various backgrounds in order to get a varied range of perspectives. The findings of this study not only emphasize the negative consequences of the crisis but also reveal prospects for development within the industry. The article offers construction professionals and other industry stakeholders useful insights about the foreseeable future of the country’s construction sector. The research looks at prospective growth areas such as the development of infrastructure, sustainable construction strategies, and the usage of emerging technology. The findings of the research can help to ensure that the sector has a robust and productive future.

Suggested Citation

  • Weerakoon Thilina Ganganath & Wimalasena Sulaksha & Fedotova Kristine, 2023. "Economic Crisis Adaptation in Sri Lankan Construction Industry: Pathway to Prosperity," Baltic Journal of Real Estate Economics and Construction Management, Sciendo, vol. 11(1), pages 240-256, January.
    • Handle: RePEc:vrs:bjrecm:v:11:y:2023:i:1:p:240-256:n:10
    DOI: 10.2478/bjreecm-2023-0015
    as

    Download full text from publisher

    File URL: https://doi.org/10.2478/bjreecm-2023-0015
    Download Restriction: no
    File URL: https://libkey.io/10.2478/bjreecm-2023-0015?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Treshani Perera & K. G. A. S Waidyasekara, 2015. "Sustainable Responses to Minimise Recessionary Effects in the Sri Lankan Construction Industry," International Journal of Technology and Engineering Studies, PROF.IR.DR.Mohid Jailani Mohd Nor, vol. 1(3), pages 87-97.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Rizki Kresna W, 2018. "Maritime safety risk analysis in Alur Pelayaran Barat Surabaya (APBS) during dredging process," Journal of Advances in Technology and Engineering Research, A/Professor Akbar A. Khatibi, vol. 4(4), pages 176-185.
    2. Wanja Wellbrock & Daniela Ludin & Linda Rohrle, 2018. "Sustainability in automotive interior – comparison of volume and premium brand manufacturers," Journal of Advances in Technology and Engineering Research, A/Professor Akbar A. Khatibi, vol. 4(5), pages 197-206.
    3. Shih-Liang Chao & Hsin-Cheng Kang & Hsin-Yi Wei Chen, 2019. "Applying data envelopment analysis to evaluate of operational efficiency of the container terminals," Journal of Advances in Technology and Engineering Research, A/Professor Akbar A. Khatibi, vol. 5(4), pages 174-179.
    4. Jorge Arnanz* & Kanokkarn Kaewnuch, 2019. "Accreditation in Tourism and Hospitality Undergraduate Education in the ASEAN context: the Case of Thailand from the Ted Qual Perspective," The Journal of Social Sciences Research, Academic Research Publishing Group, vol. 5(2), pages 275-283, 02-2019.
    5. Briliantie Irma & Imam Baihaqi, 2018. "The integration of AHP and QFD for contractors selection," Journal of Advances in Technology and Engineering Research, A/Professor Akbar A. Khatibi, vol. 4(3), pages 118-129.
    6. Wanja Wellbrock & Daniela Ludin & Linda Rohrle, 2018. "Importance of automobile interior for sustainability in the automotive industry: The case of volume manufacturers," Journal of Applied and Physical Sciences, Prof. Vakhrushev Alexander, vol. 4(2), pages 60-68.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:vrs:bjrecm:v:11:y:2023:i:1:p:240-256:n:10. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Peter Golla (email available below). General contact details of provider: https://www.sciendo.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.