Cabraal: Sri Lanka can be a $163 billion economy by 2020

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Governor of the Central Bank, Ajith Nivard Cabraal has said that due to the stable policy framework of the last five years, Sri Lanka could grow it’s economy to be $163.4 billion from the current $75 billion today.  From the Daily FT:

The past five years have established an unprecedented stable and sound economic and financial platform,” Cabraal said, launching the Road Map 2015 and beyond at the BMICH yesterday.
“Based on strong fundamentals, the next six years could look forward to an even stronger economic performance,” he added at the event, where the Central Bank’s monetary and financial policy strategy for the next year, as well as its macro targets for up to 2020, was shared.
It was the ninth consecutive annual roadmap unveiled by the Central Bank to make medium-term policies more predictable and transparent for the benefit of stakeholders.
The Road Map 2015 includes targets set for 2015 that will help achieve the fiscal and development goals set for 2020. These include a GDP target of $ 86.1 billion in 2015 with a growth estimate of 8% up from 7.8% in 2014. The goal by 2020 is to have a $ 163.4 billion economy. The target for 2015’s per capita income is set at $ 4,122 to help reach $ 7,500 by 2020.
Cabraal said the favourable structural change of the economy that began in 2009 was continuing and the change and results were not due to any accident but meticulous planning.
“The consistent, bold and innovative policies as well as the efforts, commitment and support of all stakeholders helped maintain macroeconomic stability and high broad based and inclusive economic growth,” he said.
“As the Central Bank we are proud and happy that we have been at the forefront of this remarkable transformation of the economy,” Cabraal added.

Meanwhile Treasury Secretary P.B Jayasundara too who spoke at the event expressed gratitude towards President Rajapaksa, telling the audience that “I want to express my gratitude to His Excellency the President and wish he would be president for 2020 as well” he told a gathering that included businessmen and industry professionals.   Jayasundara also took a dig at the economic program of the common opposition saying that increasing expenditure like salary hikes and handout programs whilst cutting taxes is not practical.

Opposition led by common candidate Sirisena and the UNP has said the handouts and other ‘relief measures’ are necessary to drive in more lasting economic reform.

 

 


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