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Sunday, 11 August 2013

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Lanka on track to achieve 7.5 percent growth - CB Governor

Sri Lanka is firmly on track to achieve 7.5 percent growth by the end of the year as shown by the first six months performance, which has been right on target.

“Our plan was to achieve an economic growth of 6 percent for the first six months of the year, to ensure that the targeted growth will be met. Many sectors, including power, have performed well, due to the rains experienced in the recent past and the agriculture sector having a positive momentum as well. We are confident that we will reach the target by the end of the year,” Central Bank Governor, Ajith Nivard Cabraal told Sunday Observer Business.

“Inflation is under check. It is also the 54th month that we have continuously recorded single digit inflation. We are encouraged by investments in the port, transport, construction, education and tourism sectors. These will be the main sectors that would deliver the envisaged growth,” he said.

With regard to employment, the numbers are steady and job creation is growing at a steady pace. At the same time there has been a slight improvement in our export markets particularly, the USA market.

“One of the challenges we are faced with now is that Japanese and Indian goods are becoming cheap due to their currencies weakening considerably. As a result we have to watch the situation carefully to ensure that an imbalance does not occur in the import segment,” he said.

The reduction of interest rates will serve as an important support to businesses and the Government also enjoys substantial savings in its interest cost. The private sector will also be encouraged by the low interest regime, thereby reducing the risk factor in businesses, the Governor said.

These factors will maintain a sustainable growth momentum which will ensure that Sri Lanka stays on track, to record approximately 8 percent growth in the next few years.

“This indicates that we would comfortably achieve the $ 4,000 per capita income by 2015 and thereby realise one of the key economic goals as envisioned in the Mahinda Chintana policy document,” he said.

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