Sri Lanka growth level satisfactory in 2016 despite challenges: WB
The World Bank noted in its report that despite challenges posed by natural disasters, Sri Lanka’s economic performance was satisfactory in 2016, said a statement here on Friday.
The statement from the World Bank on Sri Lanka Development Update (SLDU) said the reforms led by the new government to improve competitiveness, maintain macro-fiscal stability and strengthen institutions, with broad support in the country, are key to robust economic growth, job creation and poverty reduction.
The statement said “The island nation celebrated a few recent landmark achievements, including the passing of the Right to Information Act and the regaining of General System of Preferences Plus (GSP+). The fiscal deficit narrowed from 7.6 percent in 2015 to 5.4 percent of GDP in 2016. The real GDP growth for 2016 slowed to 4.4 percent, as sustained drought took a toll on the agriculture sector.
“The government of Sri Lanka’s efforts have strengthened growth performance. However, extreme weather among other factors, has hindered the execution of the budget and impacted economic growth and exports performance” said Idah Z. Pswarayi-Riddihough, World Bank County director for Sri Lanka and the Maldives.
She said “While robust contributions from construction and financial services sectors is a good sign, Sri Lanka needs to continue to take forward its reform agenda if it is to adequately boost revenues and provide its people with more and better jobs.
In addition to building resilience to meet natural disasters, the report made recommendations including the needs to raise more revenue while controlling current expenditures to bring public debt to a sustainable path.
(Xinhua)
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is it the world bank twithout this hat generates fake news or the source of this fake news the central bank. the central bank is dependent on data generated by the department of census and statistic and their information is abstract. to prove my point the said department has failed to honor its mandate in generating population its demographic and geopgraphic distribution. as there are several agencies that are expected to monitor land and land use from which they could generate reliable estimAtes on paddy production which accounts for an estimated 200,000 hectares of which more than 50 percen is dependent on rainfall.
so how can the world b ank arruve at this bogus conclusion. These guys arrive in Sri LLanka on a weekend jaunt and have little time to any comprehensive study apart from hobnobbing anyone worth while.