The Governor of the central Bank of Sri Lanka Dr. Indrajit Coomaraswamy pointed out that not only strong macroeconomic fundamentals but also structural reforms are essential for sustained economic growth and employment generation.
The International Monetary Fund (IMF) has commended the commitment of the authorities towards implementing economic reforms while undertaking fiscal measures to improve government revenue, the Central Bank said in a statement on Friday.
According to the latest data released by the Export Development Board (EDB), Merchandise export earnings recorded USD 9.5 billion for the eight months to October this year, showing substantial increases compared to USD 8.6 billion last year. Estimates in the services exports sector suggest an overall growth of 5.9% during the first eight months of the year, bringing total exports to USD 12.5 billion.
The Central Bank of Sri Lanka (CBSL) disclosed that Prosperity, measured by the Sri Lanka Prosperity Index (SLPI), which is a composite indicator that measures and compares the level of prosperity of the country and across its provinces, improved to 0.746 in 2016 from 0.685 in the previous year. In analyzing the movements of the sub-indices of SLPI, for the period of 2015 to 2016, the Economy and Business Climate and Well-being of the People sub-indices have improved, while there is a moderation in Socio-Economic Infrastructure sub-index.