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Wednesday, March 14, 2012 - 6.51 GMT
SL’s economic recovery astonishingly fast- MarketWatch


Sri Lanka’s economic recovery from its 25 years of conflict has been astonishingly fast, states MarketWatch in a report published on March 12.

“From the floor of the stock exchange to the former security checkpoints now plastered with advertising posters to the bustling energy of this South Asian capital’s streets, the signs of renewal are plain,” the writer William Spain explains.

While GDP growth, estimated at north of 8% last year, is among the most robust in the world, the report further stated.

Tourism is booming, with arrivals up 31% last year. New construction is everywhere. Exports are up. Land long off-limits due to the war has been brought into agricultural production, keeping a check on some food prices. Inflation has largely been tamed, the report added.

The writer says there is a palpable sense of relief and relaxation that the conflict is over.

Speaking with regard to tourism industry in the country he said, along with Marriott, other hospitality firms are eagerly eyeing Sri Lanka, which has seen annual visitor traffic double to roughly 900,000 over the last few years. Hong Kong–based Shangri-La last month broke ground on two new resorts.

The MarketWatch writer advises readers as international hoteliers flood in and foreign companies move to set up manufacturing ventures, still the easiest way for an outside investor to access the growth is probably via the local bourse.

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Last modified: March 14, 2012.

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