Winning economic war, Govt. task" - Basil Rajapaksa [September 17 2010]

Dhaneshi Yatawara

Commenting on the marked growth of the Sri Lankan economy, Minister of Economic Development Basil Rajapaksa said the Government is progressing rapidly in winning the economic war.

Sri Lanka records a growth rate of 8.5% in the second quarter of 2010, reveals the Census and Statistics Department. According to the records three major sectors - agriculture, industry and services – recorded increased growth during the second growth quarter of 2010.

"With the North and East of the country producing at full capacity and these regions being integrated into the economic main stream has been a great achievement. The booming tourism sector with tourists arrivals reaching record numbers this year has resulted in the increased economic growth," the Minister said.

With the end of the war, the bank-lending rates were reduced further in 2010 encouraging greater investor confidence. The present per capita income of the country is over US$ 2000 which took Sri Lanka into a middle income economy. Aim of President Mahinda Rajapaksa is to increase the per capita income range up to US$ 4000.

"To reach that level our economy must grow over 8%. With this latest achievement reaching US$ 4000 per capita is not far away," said Minister Rajapaksa.

According to the Economic Development Ministry this is the highest ever quarterly record since the Central Bank and Department of Census and Statistics started estimating quarterly growth rates.