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ADB UPBEAT ON SRI LANKA RETAINING ITS GROWTH FORECAST

Sep 15, 2011 10:59:17 AM - itnnews.lk

The Asian Development Bank remains upbeat on Sri Lanka retaining its growth forecast unchanged for 2011 and 2012 though revising South Asian regions figure in its latest update. Releasing its Asian Development Outlook Update, ADB indicated Sri Lanka’s 8% growth forecast for 2011 and 2012 is intact. It said it is in line with its original estimate. This is on account of robust exports and tourism. However for overall South Asia it revised growth rate downwards to 7.2% for 2011 in the update from 7.5% previously and to 7.7% from 8.1%. Growth forecasts for India and Pakistan have been revised downwards. Only Bangladesh figure had been revised upwards. ADB said favourable export prices kept growth brisk in Bangladesh and Sri Lanka with Sri Lanka enjoying benefits of revival in tourism as well.