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Monday, January 25, 2010 - 05.30 GMT

Sri Lanka ranks World's Eighth Fastest Economy


Sri Lanka ranked among the Top Ten Fastest Economies, being eighth in the world according to the Economist Intelligence Unit (EIU) of United States.

As the global economy would emerge in the recession, it is envisaged that Sri Lanka would 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 improvement in 2010 is that the world will emerge from recession and 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 the oil prices will average at about US $ 74-80 per barrel for the period of 2010-2012. Sri Lanka stock market is ranked second-best in the world. With 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.

US economic data remained consistent with a continuation of the economic recovery. Increasing temporarily employment and declining of unemployment claims evidence that employment is likely to start growing in the months ahead. However, the unemployment rate still remained high at 10 percent, stated the EIU.

The business conditions in Japan, India and China improved whereas euro area shows a weaker condition. Reflecting rebound Chinese economic growth of 11 percent and concerns about inflation, the Chinese Central Bank is moving to tighten monetary conditions. Commodity prices also on rise due to higher global demand, EIU further stated.





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Last modified: January 26, 2010.

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