The Wonder of Asia

Sri Lanka has attained an economic growth of eight percent in the third quarter which is the second highest growth rate to be recorded in a single quarter, Economic Development Minister Basil Rajapaksa said.
He said this referring to figures issued by the Department of Statistics while commenting on the ‘economic progress in the third quarter in 2010’.
The Minister said that during the past three decades, Sri Lanka did not have a proper vision or a definite mechanism to uplift the economy.
The country is on the right track towards development for the first time, he said.
“Last year the economic growth rate was restricted to 3.5 percent. This year we gained a 7.6 percent and 8.5 percent growth rate in the first and second quarters,” he said.
The annual growth rate exceeds what we planned at the beginning of the year which was 6.5 percent. From the achievements we have had until now, it is clear that we are capable of reaching an annual growth nearing eight percent,” he added.
The agricultural sector has increased to 6.2 percent while the industrial sector has shown a growth of 8.8 percent and the services sector by eight percent which clearly depicts the widespread economic development in all sectors of the country.
The cultivation of paddy has reached full capacity. The production output has risen. Investments are increasing while tourism recorded the highest number of visitors.
The foundation has been laid for making Sri Lanka the miracle of Asia, Minister Rajapaksa said.
The Minister also explained that the Government initiated most development projects at the concluding stages. A massive number of projects such as ports, aviation, irrigation, electricity and highways would be vested in the public in 2011.
“Accordingly in 2011 local and foreign investments would go up which would help the country reach a maximum growth and our aim is to sustain it continuously,” he said.