Sri Lanka on path to rapid development

Sri Lanka can count on a period of economic 'catching up' in the years to come, states Asia Sentinel in an article on Sri Lanka Rejoining the World. Asia Sentinel is a web-based Asian regional publication focused on news, business, arts and culture.

According to the report Sri Lanka's Annual GDP growth rate can be expected to go above seven percent for 2013, and it's above continuing global stagnation.

“Two thirds of a coastline featuring world class beaches and half of the country's highly productive arable land were effectively frozen during the period of terrorism.

The economy has responded positively as these two pillar industries have finally been unshackled by the end of terrorism and boosted by government sponsored infrastructure development over the past several years, including new and desperately needed highway projects connecting the East and West already (and soon the North and South),” the report added.

Referring to the natural resources of Sri Lanka, the report stated, Sri Lanka is potentially sitting on vast deposits of natural gas in nine off-shore fields.

Two of the three fields tested so far have given positive signatures for gas and phase two development of these fields has begun with roughly US$125 m being spent this year on the projects. Production on active wells could come into play in three years time.