Economic growth 7.6% in 1H
By Lalin FERNANDOPULLE
Since the conflict came to an end mid last year Sri Lanka has
achieved many feats in the Colombo Stock Exchange, investments, export
earnings and now a commendable economic growth rate of 7.6 percent for
the first half of this year.
The country reached this milestone amidst tough times due to the
global and internal shocks of the past years. Many developed countries
in the West have not recovered from the crisis and are recording
negative growth rates.
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Ranjith
Siyambalapitiya |
Ajith Nivard
Cabraal |
Nawaz
Rajabdeen |
Ariyaseela
Wickramanayake |
Deputy Minister of Economic Development, Ranjith Siyambalapitiya said
President Mahinda Rajapaksa has laid the foundation for economic growth
and now it is up to everyone to contribute to the development of the
country. “The Ministry of Economic Development is focused on making the
country a leading economy in Asia and the pride of the region.
Investment and tourism have recorded remarkable growth”, Siyambalapitiya
said. Central Bank Governor, Ajith Nivard Cabraal said Sri Lanka is on
the world map following the high economic growth rates achieved for five
consecutive years.
He said a concerted effort was made by all key stakeholders to
stabilise the macro economic environment. Political stability, relaxed
monetary policies, low inflation rates, high investor confidence and
industrial growth have been some of the outstanding achievements in the
past.
“Sri Lanka is well poised to reach an economic growth of over eight
percent next year”, the Governor said. Immediate Past President,
Federation of Chambers of Commerce and Industry of Sri Lanka, Nawaz
Rajabdeen said the over seven percent economic growth rate is an
indication the country is on the right path to be the investment hub in
Asia.
“Stock market growth is a barometer of economic growth.The lack of
interest by entrepreneurs in the East to invest in projects is
disheartening when large scale foreign investors have shown interest in
Sri Lanka”, Rajabdeen said.
Chairman, Maubima Lanka Foundation and Master Divers, Ariyaseela
Wickramanayake said that Sri Lanka could achieve 10 percent economic
growth if not for the staggering expenditure on import of wheat, milk
powder, sugar and canned fish.
“Sri Lanka imports around one million tons of wheat, 60,000 tons of
milk powder, 61,000 tons of canned fish and 600,000 tons of sugar a
year”, he said.
Wickramanayake said of the1.5 million cows only 250,000 cows are
milked. Local production must increase and imports should stop for the
economy to grow. Global business giants such as Mahendra and Mahendra
and the Shangrila Group of Singapore investing in mega projects in Sri
Lanka are commendable achievements for the country. The tourism industry
recorded a spectacular growth this year with a 48 percent growth in the
number of arrivals for the first half compared to the same period last
year. The number of arrivals is expected to reach 600,000 by the end of
the year.
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