Sri Lanka prepares for new future in the face of new trends
View(s):Sri Lanka is now preparing for new future in the face of new trends enhancing the productivity and profitability of the agricultural sector, promoting high value added manufacturing through innovation and research and development further diversifying export products and markets.
Measures will also be taken to promote the country’s brand identity as well as a viable outsourcing destination and position the tourism industry to meet the new targets.
This was disclosed by Central Bank Governor Ajith Nivard Cabraal at the launch of the 2013 Annual Report of the Central Bank this week.
Section 35 of the Monetary Law Act, requires the Monetary Board of the Central Bank of Sri Lanka to submit a report giving details of the state of the economy, the condition of the Central Bank and the policies and measures adopted by the Monetary Board during the year, to the Minister of Finance within four months of the commencement of the following year.
Looking ahead, the Sri Lankan economy is expected to maintain a high growth momentum in the medium term supported by an increase in investment, a favourable macroeconomic environment and continued recovery in the global economy, he added.
Sri Lanka’s economic progress in the medium term is not without challenges, and structural adjustments are necessary for sustaining the growth momentum over the medium term and beyond. Given the vast improvements in physical infrastructure and the resulting enhancement in productive capacity, the country’s potential output has improved substantially in the post conflict period, although greater involvement of the private sector in economic activity is required to maximise this enhanced growth potential, he said.
President Mahinda Rajapaksa pointed out that the country has gained a stable government and stable economic position compared to other countries in the region.
He noted that it is essential to enhance the present economic standard as it is important to distribute economic benefits fairly and equitably in all parts of the country as public needs and wants have substantially changed at present times.
He emphasised the need to be vigilant on the widening of the gap between the haves and the have-nots although the poverty has been curtailed substantially. We should narrow this gap through economic development, he said.