Sri Lanka Ranks In As World’s Eighth Fastest-Growing Economy
Sri Lanka has been ranked among the Top Ten Fastest Economies, being eighth in the world according to the Economist Intelligence Unit (EIU) of the United States.
As the global economy emerges from the global recession, it is envisaged that Sri Lanka will record a 6.3 percent GDP growth rate that is second only to China, which will record a 8.6 percent in the Asian region.
The hope in 2010 is that the world will emerge from the recession and the post crisis economic landscape will become clearer. This will pave the way to achieve a higher growth of about seven to nine percent in the medium term, said the Ministry of Finance and Planning, quoting the EIU.
It is estimated that oil prices will average at about US $ 74-80 per barrel for the period of 2010-2012. Sri Lanka’s stock market is ranked second best in the world. These positive signs coupled with political stability and higher capital and financial inflows will leap forward the sphere of economic prosperity. However, the challenges of maintaining price stability and rehabilitation of the lagged North and Eastern provinces are ahead.
Originally published on The Island website on February 1, 2010.
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