Asian Development Bank forecasts eight percent economic growth in Sri Lanka during the years of 2011 and 2012. At a press briefing held in Colombo Sri Lanka Country Director of ADB Dr. Richard Wokes says that Sri Lanka has gained 7.6 percent economic growth last year. The Asian region is successfully gaining economic growth amidst global economic downturn. Mr. Wokes further said however, the higher inflation rate in many Asian countries will be a hamper for the rapid economic growth.
Expressing views at the press briefing Dr. Harhari Rao of the ADB said Sri Lanka is gaining a momentum in economic growth. Agriculture, Trade, production and tourism sectors have marked a significant growth. Agricultural sector has recorded a 6.5 growth with the agricultural revival in the northern and eastern provinces as well following the end of terrorism. He added that the fertilizer subsidy given by the government is also a main factor for this growth. He pointed out that although Sri Lanka lost GSP plus tax concession last year the apparel sector has no negative effect and goes forward.