11. Sri Lanka - Key Indicators Research & Development Unit
12. Sri Lanka - Key Indicators (Cont…) Research & Development Unit
13. Sri Lanka - Key Indicators (Cont…) Research & Development Unit
14. Medium Term Macroeconomic Framework 2010 – 2014 (a) Revised, (b) Provisional (c) Excluding receipts of Asian Clearing Union, (d) External official reserves include the proceeds from the IMF Stand-by Arrangement facility-2009. (e) Total debt service payments as a percentage of earnings from exports of goods and services, (f) Year-on-year growth in end year values Sources: Ministry of Finance and Planning, Department of Census and Statistics, Central Bank of Sri Lanka Research & Development Unit Indicators Projections Real Sector Units 2009 (a) 2010 (b) 2011 2012 2013 2014 Real GDP Growth % 3.5 8.0 8.5 9.0 9.5 9.5 GDP Deflator % 5.9 7.3 6.0 5.5 5.0 5.0 Per Capita GDP US$ mn 2,057 2,399 2,794 3,200 3,660 4,190 Total Investment % of GDP 24.4 27.8 29.5 32.0 33.0 34.0 National Savings % of GDP 23.7 24.7 25.8 29.1 30.7 32.3 External Sector Current Account Balance % of GDP -0.5 -2.9 -3.7 -2.9 -2.2 -1.7 Overall Balance US$ mn 2,725 921 775 525 825 1,325 External Official Reserves (c) (d) Months 5,097 6,610 8,004 8,938 9,668 10,281 Debt Service Ratio (e) % 18.9 14.6 13.5 16.2 12.6 14.3 Fiscal Sector Current Account Balance % of GDP -3.7 -2.1 -0.8 1.0 1.7 1.6 Overall Budget Deficit % of GDP -9.9 -7.9 -6.8 -5.2 -4.8 -4.8 Financial Sector (f) Reserve Money Growth % 13.1 18.8 14.5 14.5 14.5 14.5 Broad Money Growth (M 2b ) % 18.6 15.8 14.5 14.5 14.5 14.5 Growth in Credit to Private Sector % -5.8 25.1 18.8 17.1 16.4 15.9
15.
16.
17. Ease of Doing Business in Sri Lanka According to the World Bank’s ‘Doing Business 2011’ report, Sri Lanka’s Ease of Doing Business ranking has remained unchanged from 2010 at 102 nd out of 183 other economies. Research & Development Unit The President of Sri Lanka in his address to the United Nations General Assembly (2010) had stated that Sri Lanka aims to improve its ‘Doing Business’ ranking to 30 by 2014. Central Bank of Sri Lanka (CBSL) together with the Ministry of Economic Development is coordinating the strategy to achieve the goal articulated by the President. The Budget for 2011 has already made significant strides to simplify taxation, and thereby improve the ranking in the area of “Paying Taxes.” There is also ample scope for eliminating a large number of “procedures” involved in various areas by establishing “one stop shops” where an entrepreneur needs to submit required documents at one point only and all the necessary formalities and clearances are undertaken by the agency concerned. This could be effectively done in the area of Dealing with Construction Permits and Trading Across Borders. In the area of land registration, introduction of title registration could reduce time involved substantially. Court procedure also has to be closely studied in order to devise a method to reduce the delay and improve the ranking in Enforcement of Contracts. CBSL will be looking at other aspects also to facilitate business. In particular, to reduce the time and effort spent on searching for information, CBSL has already produced a booklet “A Step by Step Guide to Doing Business”, which contains necessary information needed by an entrepreneur during each stage of operating a business. (For more info - web: www.cbsl.gov.lk , Tel: +94 11 2477377) 2011 2010 India 134 135 Bangladesh 107 111 Maldives 85 96 Pakistan 83 75 Singapore 01 01
18.
19. Areas for further improvement & some concerns… Research & Development Unit Source: www.imf.org
20. Sri Lanka as a Dynamic Global Hub – Five Hub Concept
34. TOURISM Performance Forbes: ‘ Sri Lanka’s beach stretch from Tangalle Bay to Weligama and Bentota among the Top 10 in Asia…’ The New York Times: ‘ Sri Lanka - the number one holiday destination for the year 2010’… Sri Lanka recorded 654,476 tourists arrivals in 2010 and 2.5 million arrivals are expected by 2016 Visit Sri Lanka Year 2011 - Sri Lanka Tourism Development Authority Tourist Earnings – USD 506.1 Mn in 2010 USD 600 Mn in 2011* , and USD 2.5 Bn in 2016* In 2011, for the first time in the history of Sri Lanka tourism, tourist arrivals had surpassed 250,000 within the first four months. *forecast Over 800,000 tourists expected in 2011
35.
36.
37. Southern Highway Completion : Mid-2011 Sponsors : JBIC, ADB and GOSL Cost : USD 600 Mn Contractors : Kumagai Gumi, China Harbor Engineering Company, Taisei Corporation Southern highway, the first toll road project in Sri Lanka, is a 126km-long express highway running from Colombo to Matara on the south coast and will be further extended to Hambantota. The speed limit of the express highway is 100km/hr. Once the project is finished, the travel time between Colombo and Matara will be reduced from four hours to 1.5 hours. Colombo-Katunayake Expressway Contractor : Metallurgical Construction – China Cost : USD 292.4 Mn Completion : end 2012 Capacity : 25.8 k.m., four lanes. It is designed for speeds of between 80-100 k.m. per hour which reduces the travelling time to 20 minutes. Colombo-Kandy Expressway Capacity : 6 lanes & 98 km in length. Reduce travel time from 03 hours to 50 minutes. Facilitate vehicle speed up to 110km an hour. Due to land acquisition issues this will be built as an elevated expressway on a concrete wire bridge ‘duct’. Phases : Phase 1- Kadawatha to Ambepussa (48.2km with 4 lanes, is expected to be expanded to 6 lanes) Phase 2- Ambepussa to Katugastota (50+km with 4 lanes elevated) INFRASTRUCTURE Research & Development Unit