SL can achieve economic growth - CB Governor
"Sri Lanka could achieve economic growth amidst global challenges,"
said Ajith Nivard Cabraal, Central Bank Governor.
Sri Lanka Shippers' Council affiliated to the Ceylon Chamber of
Commerce, held its 42nd AGM recently with Ajith Nivard Cabraal, Central
Bank Governor gracing the occasion as chief guest.
Past Shippers Council chairman Gehan Kuruppu said it was important
that the private sector and public sector join with all academia to
bring about meaningful discussions to determine matters of utmost
importance for the development of the economy ,installing a
participatory development process.
The new chairman Dinesh de Silva said this was a challenging time to
be the chairman of the Shippers' Council which represents 13 product
Associations together with individual members covering a large
percentage of the shippers in the country.
Addressing the gathering, Cabraal mentioned Christian Legarde IMF
Managing Director and how she went on to say that the biggest challenge
today was not the crisis in the Euro zone but what they call the US
fiscal cliff, which is changing the world.
"Of course these are nice words that people could be interested in
knowing and what they mean was that the US was having a greater than
100% debt to GDP ratio and greater than 10% fiscal deficit and those two
combined together give you the impression that you are at a cliff and
hopefully you won't fall down. But these were the new challenges coming
up with greater intensity at different times of the world's history.
"Particularly, the last few years we have been treated if I may use
that word on a regular basis to new turmoil, new crises almost on a day
to day basis. You have the Euro zone crisis, you have the fiscal cliff,
you have the downturn in economies in the hitherto joined economies",
Even though those not in trouble, China and India were also growing
at very great speeds.
There is a reduction in growth speeds now again putting some tension
into the overall world condition. Raising finances in different
countries has been challenging which had also put a lot of pressure.
Flight to safety which was something that people took as a given
today no longer in the same mode as in the past.
There is an intense difficulty in retaining competitiveness. These
are everyday problems today. "In the past some of these problems would
have been faced over a longer period of time of may be over a decade.
But today within a fewweeks you'll probably come across the same amount
of challenges," Cabraal said.