Economy stable

Economy stable
Times lists Lanka as top tourist destination:
USA Chamber of Commerce speaks of investment benefits in SL:
The prospects for Sri Lanka's economy is bright and optimistic with much potential for massive scale growth and development, as revealed by various independent economic observations.
A panel of professionals headed by National Economic Council (NEC) Member W.D. Lukshman yesterday highlighted Sri Lanka's potential.
Kelaniya University Sociology Department Head Professor Sunanda Madduma Bandara, National Economic Council Member and Colombo University Department of Economics Senior Professor Ranjith Bandara, National Economic Council Member, Dr Loyd Fernando and Kelaniya University Economics Department Senior Professor Dr Ajith Dissanayake were the other professionals present at yesterday's press briefing.
Despite various negative views put forward by certain parties with vested interests, Sri Lanka's economy is witnessing one of its most stable periods ever, they said. According to them The New York Times has listed Sri Lanka as a top tourist destination in the world in its January issue.
Meanwhile, the American Chamber of Commerce has placed special attention on the benefits of investments in Sri Lanka's tourist industry. Based on this perspective it is hoped that Sri Lanka too will achieve a target of an annual 2.5 million tourists by 2016. Compared to statistics of 2002, in which 22.7 percent families were below the poverty line, 2009 saw it this brought down to a level as low as 15.2 percent.
This is a good indicator to show the standards of Sri Lanka's socio-economic conditions have improved.
The period 2008-2009 saw a downfall in foreign deposits in Sri Lanka. In the last quarter this figure has risen to US$ 5.2 billion, with Sri Lanka's Balance of Payments showing a positive turn around the first time reaching the figure of $2.7 billion.
Despite the world recession between 2007 to 2009, Sri Lanka's economy was relatively spared of its effects due to the strict and meticulous economic policies followed. Professor Ranjith Bandara said that the yet unreleased report would have a figure of an approximate 3.5 percent economic growth.
Sri Lanka's loan to GDP ratio is just 8.6, with many developed countries showing a much higher figure, specially the USA at 9.0. Despite high unemployment rates in many developed countries, Sri Lanka's unemployment rate rose only from 5.2 percent in 2008 to 5.8 percent in the last quarter of 2009.
The share market, which could be pointed out as the best instrument to measure a country's investments, is rapidly growing, with potential investors increasing steadily. Sri Lanka's Gini Coefficient has a value of 0.41, the lowest in South Asia. The Gini Coefficient is a measure of the distribution of income.
The specialists attributed this positive trend to the new economic policy adopted in 2005, a 'balanced policy' which aims at making Sri Lanka's economy both independent and up-to-date.
Courtesy - Daily news