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Sri Lanka on track to achieve 7.8 pct growth in 2014: official - Xinhua | English.news.cn
COLOMBO, Aug. 6 (Xinhua) -- Sri Lanka is on track to achieve its growth target of 7.8 percent in 2014 and aims to hit 7,000 U.S. dollars of per capita income by 2020, said a top official on Tuesday.
Finance Ministry Secretary Dr. P.B. Jayasundara told an economic conference in Colombo that growth would remain steady despite a drought severely affected over 300,000 families in several key agricultural districts around the country.
"Sri Lanka has the chance to become an advanced country by 2035. When you see the slogans 'sell Singapore, buy Sri Lanka', we have confidence our vision is gaining increasing attention around the world," Dr. Jayasundara said.
He also insisted that the 7.8 percent growth prediction for 2014 will be achieved given the performance in exports, tourism, construction and domestic consumer demand during the first six months of the year.
He pointed out the service sector is moving beyond 60 percent of Gross Domestic Product (GDP), year on year inflation is 4.9 percent and there is a steady buildup of reserves along with a fiscal deficit of around 3.7 percent of GDP.
This combined with reduced interest rates and stable exchange rate would help push debt to GDP closer to 70 percent by the end of the year, he insisted. The government is also confident of reaching 4,000 U.S. dollars of per capita income by 2016.
Sri Lanka's per capita income has increased from 2,922 U.S. dollars in 2012 to 3,280 U.S. dollars in 2013. It is projected to reach 4,240 U.S. dollars by the end of 2015 and up to 7,000 U.S. dollars by 2020.
COLOMBO, Aug. 6 (Xinhua) -- Sri Lanka is on track to achieve its growth target of 7.8 percent in 2014 and aims to hit 7,000 U.S. dollars of per capita income by 2020, said a top official on Tuesday.
Finance Ministry Secretary Dr. P.B. Jayasundara told an economic conference in Colombo that growth would remain steady despite a drought severely affected over 300,000 families in several key agricultural districts around the country.
"Sri Lanka has the chance to become an advanced country by 2035. When you see the slogans 'sell Singapore, buy Sri Lanka', we have confidence our vision is gaining increasing attention around the world," Dr. Jayasundara said.
He also insisted that the 7.8 percent growth prediction for 2014 will be achieved given the performance in exports, tourism, construction and domestic consumer demand during the first six months of the year.
He pointed out the service sector is moving beyond 60 percent of Gross Domestic Product (GDP), year on year inflation is 4.9 percent and there is a steady buildup of reserves along with a fiscal deficit of around 3.7 percent of GDP.
This combined with reduced interest rates and stable exchange rate would help push debt to GDP closer to 70 percent by the end of the year, he insisted. The government is also confident of reaching 4,000 U.S. dollars of per capita income by 2016.
Sri Lanka's per capita income has increased from 2,922 U.S. dollars in 2012 to 3,280 U.S. dollars in 2013. It is projected to reach 4,240 U.S. dollars by the end of 2015 and up to 7,000 U.S. dollars by 2020.
