ECONOMIC GROWTH RATE LOWEST IN 17 YEARS

Joint opposition (JO) MP Bandula Gunawardana said on Tuesday that according to the latest Central Bank (CB) report, Sri Lanka’s economic growth rate in 2017 was 3.1%, the lowest in 17 years. At the weekly news briefing of the JO economic research unit, he said this growth rate was only better than the rate recorded in 2001 which was minus 1.4%. “In Sri Lanka’s history since independence, the lowest growth rate was recorded in 2001 which was minus 1.4%. After that, the lowest rate was reported in 2009 when the war was at its peak. In 2009, the economic growth rate was only 3.5% because of terrorism and its impact on the tourism, agriculture and service sectors,” he said. The MP said after the war ended, the Rajapaksa Government was able to uplift the economy by improving services, production, agriculture and infrastructure.

“More small and medium scale enterprises were put in place and more investments were brought into the country between 2010 and 2014. During these years, the economic growth rate was 7%, which is the highest up to date. Even with many challenges and obstacles, the economy went forward,” he said.

The MP said the economic growth rate was as low as 5% or less in recent years showing the setback to the economy and how agricultural, industrial and services sector had regressed. He said he did not believe that the setback of the economy could be reversed even by a miracle at any time soon.

More small and medium scale enterprises were put in place and more investments were brought into the country between 2010 and 2014. During these years, the economic growth rate was 7%, which is the highest up to date. Even with many challenges and obstacles, the economy went forward,” he said