Economy to grow by seven percent

Irangika Range

Sri Lanka's economy is expected to grow by seven percent this year while the per capita income will rise to US$ 4,000 within the next five years due to growth in manufacturing, construction, infrastructure facilities and tourism sector.

Treasury Secretary Dr. P.B. Jayasundara told the Daily News that the creation of a peaceful environment in the country after the end of the 30-year ethnic conflict has culminated in a number of positive developments.

He said Asia among the other continents has become richest and fastest in economic growth. "Most countries in Asia are enjoying strong economic growth. A lot of opportunities have been created in Sri Lanka too with a growing economy," he said.

He said Sri Lanka is in the midst of massive infrastructure development in the area of post-war reconstruction, creating an ideal climate for investment and growth.

Dr. Jayasundera said Sri Lanka has been able to maintain the strongest position in the economic growth even though it was battered severely by the global financial crisis and the war during the past few years. With the eradication of terrorism and gradual elimination of the global economic crisis, prospects are clearly improving to increase Sri Lanka's competitiveness in the global economy.

"We are looking forward to a a seven percent economic growth as the peace dividend, reinforces itself," he said. He said President Mahinda Rajapaksa did not curtail the funds allocated for development though there was a war. He took measures to go ahead with the massive development projects while successfully eradicating LTTE terrorism.