SriLanka, Oct. 7 -- Sri Lanka has largely won back economic stability, but now comes the harder part, which is finding a new engine for growth.

The World Bank yesterday said the country must pivot towards a growth model powered by private investment, exports and productivity, warning that the post-crisis rebound alone will not generate the jobs, incomes and investment needed for a durable economic transformation.

"Moving from recovery to transformation requires a new growth model in which private investment, exports, and productivity, rather than public spending, drive growth," the World Bank said at the launch of the latest 'Sri Lanka Development Update: From Recovery to Transformation.'

After several years dominated by debt restructu...