Sri Lanka Aims for 8% Growth by 2027: President Outlines Ambitious Reforms

COLOMBO (News 1st); Sri Lankan President Ranil Wickremesinghe outlined a comprehensive plan to revitalize Sri Lanka's economy, emphasizing decisive action, fiscal discipline, and collaborative efforts. 

The President unveiled a series of initiatives aimed at driving sustainable growth and propelling the country towards a prosperous future while speaking at the opening of the new Sri Lanka Air Force HQ. 

Colombo's historic heart. The former air force headquarters will now house Sri Lanka Police, paving the way for a designated tourist zone.

The demolition of outdated buildings like the old customs and post office promises to revitalize the area, attracting investment and bolstering the tourism sector, a crucial engine of economic growth.

"Additionally, there are plans to demolish the current police headquarters building and the former Ministry of Foreign Affairs building, transforming the area into a designated tourist zone," said the President.

The President highlighted significant achievements, including turning a negative growth rate into a positive one in the last quarter of 2023. 

He projected a 2% growth for 2024, with the potential to reach 5% by 2026-2027, fueled by continued reforms and international support.

Recognizing the concerns surrounding debt, the President emphasized the government's commitment to fiscal responsibility. He showcased record-breaking revenue collection in 2023 at 3.1 trillion rupees, 12% of GDP, achieved through streamlining state enterprises, price adjustments, and targeted tax measures. The goal is to raise this to 15% of GDP by 2026. 

"These decisions weren't easy," the President admitted, "but necessary." He expressed gratitude to the Prime Minister and Cabinet for their support in implementing these crucial reforms.

President Wickremesinghe acknowledged the need for further action, aiming for an ambitious 8%-9% growth target. He made a powerful call for political unity, stating, "The most challenging decisions have been made; let us collaborate in building the nation's economy." He urged fellow leaders to put aside differences and prioritize the national interest.

"I assumed the presidency not for popularity, but to make tough decisions," he said. "Now, I ask everyone to contribute to this shared endeavour. Let us come together and build a Sri Lanka with a thriving economy and a bright future."