Post conflict Sri Lanka has seen an estimated eight percent economic growth in the year 2010, the Central Bank of Sri Lanka announced on Tuesday while releasing the monetary policy of the country titled ‘Roadmap: Economic and Financial Sector Policies for 2011 and beyond’.The Governor of the Central Bank in Sri Lanka Ajith Nivard Cabraal disclosing the monetary policy road map for 2011 said that the overall budget deficit is expected to decline further to 6.8 percent of gross domestic product and to around five percent of GDP in the medium term. Accordingly the expected balance of payments surplus in 2011 will be around 350 million dollars.Outlining the contours, the road map indicates that Sri Lanka is expected to achieve an accelerated economic growth within the next two years. The target for 2011 is to reap an economic growth of 8.5% and increase this rate to 9.5% by 2013. The target set for 2012 is an economic growth of 9%.The Roadmap also said that Sri Lanka has been able to maintain historically high foreign reserves amounting to 6.6 Billion USD at the end of 2010. Year 2010 also marked a rapid decline in poverty level in the country, low and stable inflation, stable exchange rates, and Middle-income Emerging Market Country status among other achievements.According to Central Bank, Sri Lanka showed strong growth momentum in 2010 as the peace dividend was clearly observed with impressive performance in all sectors and more business confidence.
News On AIR | January 4, 2011 8:11 PM
Sri Lanka sees 8 per cent economic growth in 2010