The Hon. (Prof.) Anil Jayantha - Minister of Labour and Deputy Minister of Economic Development
The Minister, responding on behalf of the Minister of Finance, stated that Sri Lanka’s average economic growth over the past 30 years was about 4.2 per cent, with a high of 9.1 per cent in 2012 and a low of -7.3 per cent in 2022, and tabled detailed figures. He said current growth projections are prepared under the State Financial Management Act, No. 44 of 2024, with IMF and Department of State Financial Policy involvement using an autoregressive distributed lag model, but noted concerns with the model and said revisions are expected, citing the 2024 projection rising from 2 per cent to around 4–5 per cent.
Verbatim record (translated)
Machine-translated from Sinhala / Tamil / English¶ 01 Hon. Speaker, on behalf of the Minister of Finance, Planning and Economic Development, I answer as follows:
¶ 02 (a) (i) Over the last 30 years, average growth was about 4.2%, with variability: a peak of 9.1% in 2012 and a trough of -7.3% in 2022. Details are in Annex 1 (tabled). (ii) Currently, projections are prepared under the State Financial Management Act, No. 44 of 2024, with IMF and the Department of State Financial Policy involvement, using an autoregressive distributed lag model. We see issues with this model and expect revisions. For example, the 2024 projection was 2%, but now appears closer to 4-5%. The key sectors are in part (b)(i). Do you require answers to all parts?
Provenance
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- Hansard, Tuesday, 7 January 2025 ·No. 1736487038022510 ·English daily/uncorrected Hansard
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Cite as: The Hon. (Prof.) Anil Jayantha - Minister of Labour and Deputy Minister of Economic Development. 10th Parliament, Parliament of Sri Lanka. Hansard, 7 January 2025. No. 1736487038022510. Politick, https://staging.politick.io/lk/speeches/15915