The ADB in Manila, Philippines on Monday declared in its economic forecasts for Asia for 2007, “South Asia’s economy, which continues to consolidate on its progress of recent years, is expected grow at 8.1% in 2007. Potential growth rates in Bangladesh, India and Pakistan now appear to be on a more stable trajectory. The update projects India’s economy to expand by 8.5% in 2007 / 2008”.

The forecasts do not include Sri Lanka. Asked to explain the reason, the ADB country representative, Yohana Boestel said it is not necessary for the ADB to give forecasts for every member country.

However she added, “Sri Lanka’s ADB forecasts have been downgraded from April’s 6.1% to 6% in 2007”. She attributed the lower development rate to depleted production in the agricultural sector.

Meanwhile, when attention was drawn to the forecasting of Sri Lanka’s bleak economy by the ADB compared to other Asian economies, the Governor of the Central Bank and Director economic research unit declined to comment.

Comments (0)

Subscribe to this comment's feed