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Tuesday, September 21, 2010

Record 7.6 percent 1H growth

Charumini de Silva

Sri Lanka today is on the economic map again after five extraordinary years. The country has been recording high growth levels even during the most difficult times due to internal and external factors.

“We recorded GDP growth levels of six percent except during last year due to the global economic meltdown. However, even last year the country achieved a growth of 3.5 percent where most of the western economies recorded negative growths,” Central Bank Governor, Ajith Nivard Cabraal said.

He was speaking at the forum on Sri Lanka Unveiled - Importing Wealth which commenced yesterday.

The Governor said it took a lot of effort in having a stabilized macro economic environment. The industrial harmony, borrowing at competitive rates, political stability, relaxed monetary policies, reduction of inflation rates and improved investor confidence have been remarkable achievements during the past five years.

The Government is very ambitious in developing infrastructure that will benefit the entire gamut of economic activities. Ports, air ports, expansion of national road network, bringing down the unemployment rate to 5.2 percent, increase in foreign reserves which is close to US $ Six billion, reduction in debt to GDP ratio, stabilized financial sector and strong banking networks are some of the achievements.

“During the first half of this year the country recorded a 7.6 percent growth and we expect to reach a growth rate of over eight percent next year.”

“The economic stability of the country is impressive during the short period of time. Sri Lanka’s ratings have been improved, doing business ratios have improved daily and we have achieved some of the Millenium Development Goals (MDG),” he said.

There are enormous opportunities Sri Lanka is offering with the vibrantly diversified economy. Tourism, infrastructure, education, health, agriculture and fisheries sectors provide tremendous opportunities for all stakeholders.

“It is the time for all the investors to seize the opportunities that are offered by the country and be a part of the success story of the nation. Now is the time”, the Governor said.

source - www.dailynews.lk