Sri Lanka should be able to record a better economic growth rate in 2019 than 2018, said the Governor Central Bank of Sri Lanka Dr. Indrajit Coomaraswamy told the post press conference after launching the Road Map: Monetary and Financial Sector Policies for 2019 and Beyond at the CBSL yesterday.
Dr. Coomaraswamy said that he was not personally happy with the growth rate figure of 3% reported in Sri Lanka for 2018. “I am not sure that this is correct as both the IMF and World Bank said that it would be over 3.5%. I too think the growth rate was anything between 3.5% and 4%.”
He said a new metrology was developed to measure the Sri Lanka’s annual GDP and the new system may not have taken in to account several factors that are attributed towards calculating the GDP. “The contributions from the Colombo Port City, Airbnb and transport sectors may not have been included when compiling data.”
Since it’s a new system that is been implemented, they (Department of Census and Statistics) may take some time to take in to consideration some factors that contribute positively to the increase in the GDP.
Asked to comment on the depreciating rupee he said this may take more time to settle down. “However we see some positive sentiments such as increase of hydro power generation which reduces the dependency on thermal energy and also the reduction in international oil prices.”
In addition reduction of government expenses, more exports and increase of FDI, too may put a check on the depreciation of the Sri Lankan rupee on longer terms,” he added. (SS)
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