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Sri Lanka Central Bank suggests reducing impact of oil prices to sustain economic growth
Tuesday, 10 April 2012 - 5:02 AM SL Time
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Despite the global economic uncertainties Sri Lanka`s economy delivered the expected results last year with a low inflation and high growth rate but Sri Lanka needs to tackle challenges of high fuel prices and weak global economic recovery that can affect the country`s growth this year as well, the Central Bank said today.
The Central Bank Governor Ajith Nivard Cabraal presented the Annual Report of the Central Bank 2011 which details the state of the country`s economy to President Mahinda Rajapaksa today at the Temple Trees.
Cabraal in his speech said that the oil price uncertainties, Iranian sanctions, Euro Zone crisis, the political uncertainties in the West and many other countries, the possible outbreak of global hostilities, will be major risks for Sri Lanka`s economy.
He said the government and the Central bank have substantially delivered the economic development goals projected over the past two years.
Sri Lanka`s economy grew at 8.3% in 2011 while the inflation remained low at 4.9%. Sri Lanka earned US$ 5.2 billion in remittances in 2011 and unemployment remained low at 4.3%, the Central Bank report noted.
For 2012, the Central Bank has lowered the original estimate for growth from 8% to 7.2% due to the recent policy measures but expected the economy to rebound to 8.6% in 2013.
The monetary authority expects a slight reduction in the trade balance this year from the US$ 9.7 billion in 2011 to US$ 9.2 billion in 2012 due to the recent policy measures taken by the Bank.
Inflation is projected to remain in single-digit levels this year even as higher commodity, fuel and energy prices will add to the uncertainty on price movements.
Curtailing fuel expenses by promoting energy efficient production technologies and increasing the use of renewable energy sources and energy conservation is a must to sustain Sri Lanka`s growth momentum, the Bank suggested in its outlook for next year and beyond.
The Central Bank suggested improving demand for exports through diversification of markets and products, strengthening foreign inflows and Foreign Direct Investments (FDIs) through appropriate policies and macroeconomic environment, and improving labour productivity and addressing structural rigidities in the labour market.
The Bank also suggested restructuring Sri Lanka`s education system to generate a human capital base with the skills necessary to sustain this new growth.
Senior Minister of International Financial Corporation Dr. Sarath Amunugama, Economic Development Minister Basil Rajapaksa, deputy Minister of Finance and Planning Geethanjana Gunawardena, and Secretary to the president Lalith Weeratunga were also present at the occasion.
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NeverAgain
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 9 Apr 2012 22:09:44 GMT Report for Abuse
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Mr. Brown,
Slow news day? There is not much in this article to talk about. No one really knows that financial situation Sri Lanka is in!
I guess we have bash the peelamists, again!
Edited By - NeverAgain - 9 Apr 2012 22:10:45 GMT |
NeverAgain
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9 Apr 2012 22:13:05 GMT Report for Abuse
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Sri Lanka has a marvellous opportunity to heal and reconcile its twin populations after 25 years of civil war, says Chandrika Kumaratunga, Sri Lanka s former Prime Minister and President.
Which is why she is more than a little baffled at the slowness with which the Mahinda Rajapaksa government is building post-civil war bridges. Such opportunities do not last forever, she warned.
That is why they are called windows and not something larger.
This woman is like peelamist sl-haters. She speaks as if she is from another country. I believe most of the time she lives in UK and flies around like a royalty.
Edited By - NeverAgain - 9 Apr 2012 22:13:21 GMT |
Damed
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9 Apr 2012 22:14:46 GMT Report for Abuse
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Ha ha talk peelam while pray freedom to KP.
A traitor born with Terror blood. |
Damed
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9 Apr 2012 22:15:43 GMT Report for Abuse
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| Son of b1tch who claim KP was Pardoned trying to insult Sri Lankan Leaders. |
NeverAgain
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9 Apr 2012 22:18:33 GMT Report for Abuse
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How can an Australian citizen go crazy here? An Australian citizen cannot do politics here. An Australian citizen should remain in his country, said defence secretary Gotbhaya Rajapaksa, commenting on the disappearance of Frontline Socialist Party leader Gotabhaya Rajapaksa. Lankacnews reports that Australian high commissioner Robyn Modie has telephoned Mr. Rajapaksa and asked him to find the missing citizen of her country
This will get Gota in trouble. Let us see, does so-called 'citizen of Australia' have dual citizenship? |
Damed
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9 Apr 2012 22:18:47 GMT Report for Abuse
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She speaks as if she is from another country. I believe most of the time she lives in UK and flies around like a royalty.
what's wrong....??
Be happy your Co Father KP also flying around with military Escort....
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NeverAgain
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9 Apr 2012 22:20:06 GMT Report for Abuse
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| Oh no one else here? Only the Filthy King is here. I have to be the one to put him in his place? aiyoo! |
Damed
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9 Apr 2012 22:23:58 GMT Report for Abuse
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White Van Democracy is growing faster than economic growth.
Abductions will bring more Investments.
Edited By - Damed - 9 Apr 2012 22:29:22 GMT |
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