70% growth from consumption and investment

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By 2017-10-19

TimesSquare Capital Management positively signals that 70% of Sri Lanka's economic growth will be steered by consumption and investments.

"Sri Lanka has domestic avenues for growth. According to third party estimates such as the Economic Intelligence Unit, over 70% of long-term sustainable growth will likely come from the consumption and investment side of the economy, which is encouraging," said TimesSquare Capital Management Senior Portfolio Manager Caglar Somek, at the Invest Sri Lanka Investor Forum New York.
Somek noted that May 2009 was a turning point for the country and for foreign investors, mentioning that the investor case was getting better through IMF support.

Commenting on the nature of the Sri Lankan economy, Somek said Sri Lanka was a 'diversified economy' compared to petroleum- and commodity-rich markets.

He said that a fully-functioning democracy, an improving balance of payments situation, independent institutions, rule of law and promising social aspects were some of the investor attractions to be seen.

Somek further said that the absence of capital controls, Sri Lanka's strategic location and the external growth opportunities surrounding it were some of the key factors that could be used to persuade foreign investors to consider Sri Lanka, going forward.
Emphasizing that the country was on a sustainable growth path after a significant transition period, Somek added that present growth and future estimates could be further improved. He said this could be done only if the Government continued its reform process beyond the IMF programme to attract additional foreign direct investors.

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