The economy of the country is expected to get over-heated because of extensive credit in the recent past, said Sarath Amunugama, Minister of International Monetary Cooperation.
Deputizing for President Mahinda Rajapakse as the Chief Guest at the inauguration of the 30th Annual Sessions of the Sri Lanka Institute of Architect (SLIA) in Colombo, he said the country’s growth momentum was among the four growth centres in the world.
He said the growth rose because of investments and in the past four to five years it has been investing in the infrastructure in the country.
He said that the construction industry was also reflected in this growth for which the talents and skills have been well contributed.
He said economic growth is taking off in the Northern and Eastern Regions. He said that in the Eastern region many new hotels are coming up.
Last year banks expanded their credit by 35% of which a large portion has gone into the construction sector. Thus, the economy would be heated up, because of the credit in the coming years. He said that modernizing major cities in the country is underway and architects services are felt very much in transforming them into modern cities.
Ranjan Nadesapillai, President, SLIA said to make Sri Lanka the wonder of Asia, built environment needs to be properly organized, designed and built. He said that in addition to aesthetics or beauty, there are so many other aspects such as safety and peples’ psychological, cultural and sociological needs have to be considered.
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