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IMF confident that Sri Lanka will be a high flier in terms of growth

Sep 18, 2010 12:19:43 PM - itnnews.lk

The International Monetary Fund is optimistic that Sri Lanka will be one of the World’s high fliers in terms of growth in the coming quarters.

Sri Lanka’s economy advanced by 8.5 percent during the second quarter of this year based on the success recorded in several sectors of the economy. The country has clearly rebounded economically with a peace-induced increase in foreign investment and tourism. A vast growth had been reported throughout the past few months in the Tourism as well as production, construction, agricultural and services sectors. Under these circumstances, the IMF is confident that the Sri Lankan Government can achieve a further growth within the next few months. The end of the 30-year war has led to a surge in investor enthusiasm, bolstered by the decline in the risk of a short term balance of payments crisis. Future growth prospects have improved. Inflation remains subdued and has averaged only three percent per month so far this year or three to four percent per annum. The IMF points out that the country could further achieve high benefits of the economic growth within the next few months.