The Asian Development Bank (ADB) said yesterday that Sri Lanka should capitalise from improved investor confidence and global economic recovery to a target growth rate over 6%.
"This year is an important year for Sri Lanka, given the Government's successive operation against the LTTE, resulting in the end of the long-standing war. On top of this, there has been significant improvement in investor confidence and an increasing number of investors are entering the country. With that strong standing, the Sri Lankan economy is likely to grow by 4% by the year end, but the country holds more potential than that," said Country Director of ADB Richard Vokes.
Commenting on the economy, ADB Lead Economist Narhari Rao cited the ADB's prediction that Sri Lanka's economy would grow by around four per cent and said that overall main indexes were performing in favour of the country, including the Colombo stock market.
"If you analyse the Sri Lankan economy for the year, it is very commendable. During the second and third quarters, the economy started to show momentum. In a relative sense, the Sri Lankan economy is doing extremely well and the main reason is the growth in the industrial service sector, apart from that of the agricultural sector. The remarkable reduction in inflation from 20% to 2% was followed by the Central Bank's decision to bring down interest rates, which is the right move," he added.
source - http://www.dailymirror.lk/
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