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Monday, May 17, 2010 - 4.36 GMT |
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SL's economy grew faster in second half of 2009 – WB |
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Sri Lanka's economy expanded by 3.3 percent in the second half of 2009, the fastest rate recorded since 2002 showing stability despite a weak global economy, a World Bank report said.
The report released on May 15 said, "despite entering the global financial crisis in a weak macroeconomic situation, the Sri Lankan economy has recovered rapidly."
The World Bank's economic update for 2010 on Sri Lanka said the economic growth indicators confirmed a strong increase in economic activity for the region with agriculture, transportation and communication sectors showing strong performance in the last quarter of 2009 and the hotel industry growing approximately 32 percent.
Despite a strong recovery in the second-half of the year, overall growth in 2009 was subdued, as both domestic and global demand fell, the World Bank said.
The World Bank report said the increases in foreign direct investment and tourism, along with improved employment and large-scale reconstruction projects in the North are expected to sustain and accelerate Sri Lanka's growth throughout 2010.
"The short- term prospects for the Sri Lankan economy are positive," it further said.
The Full Report:
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(004) |
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