Sri Lanka has been ranked among the Top Ten Fastest Economies, being 8th in the world according to the Economist Intelligence Unit (EIU). As the global economy emerges from the global recession, it is envisaged that Sri Lanka will record a 6.3% GDP growth rate that is second only to China, which will record an 8.6% in the Asian region.
Petroleum and Petroleum Resources Development Minister A.H.M. Fowzie says everything is ready to drill for offshore oil and gas reserves in the Mannar Basin in the late 2010 or early 2011 reaping immense benefits for the country. It is estimated that oil prices will average at about US$ 74-80 per barrel for the period of 2010-2012.
With favourable macro economic conditions, Sri Lanka’s stock exchange, “The Colombo Stock Exchange” became Asia’s best performing bourse and the world’s second best after Russia for the year ended 31st December 2009. Colombo stock exchange is one of the most modern exchanges in South Asia, providing a fully automated trading platform. The bourse consists of 236 companies with a combined market capitalization of U$12 billion.
Foreign direct investment hit a record $889 million in 2008, but fell in 2009 to $602 million due to the global downturn. Telecom and power sectors which accounted for 65% of foreign direct investment to Sri Lanka in recent years will play a less dominant role as cash pours into leisure with an upturn in tourism.
These positive signs coupled with political stability and higher capital and financial inflows will leap forward the sphere of economic prosperity. However, the challenges of maintaining price stability and rehabilitation of the lagged North and Eastern provinces are ahead.
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