Sri Lanka's economy continues to perform well
Central Bank of Sri Lanka Governor, Ajith Nivard Cabraal, has claimed that the country’s economy continues to perform well and is among high growth nations such as India and China, discounting a ratings agency’s assessment of its financial system as ‘high risk’.
Mr. Cabraal was responding to Fitch Ratings’ listing of Sri Lankan economy among a group of high risk financial systems in Asia and the Pacific.
“We can’t agree with the statement when they have rated India and China among high risk economies alongside Sri Lanka. But these three countries have managed to record high economic growth,” he said.
He said all three nations have recorded improved unemployment rates compared to most other nations which are currently going through a patch of negative economic growth and high unemployment figures between 15 to 20 per cent.
Sri Lanka seeks to maintain an 8 per cent growth rate in the post-ethnic conflict phase, with increased revenue from tourism and foreign direct investment.
Tourist arrivals grew over 30 per cent year-on-year during the first nine months of 2011 and FDI has reached a billion US dollars, as declared in the Budget 2012 presented last week.
(Source: www.thehindubusinessline.com – 26th December, 2011)