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Sri Lanka, increasingly becoming a services oriented economy must pick a few key sectors and aggressively develop them rather than pour investments in to many service sectors, says a senior economist.
“Small economies often face this issue of whether to delve in to 50 different things or to focus only on a few things,” said Samiran Chakraborty, regional head of research at Standard Chartered Bank, India.
“If Sri Lanka focuses only on a few of its strong points in services then it will probably reap greater results,” Chakraborty said in an exclusive interview with LBR.
“Tourism services are very good in Sri Lanka,” he added.
Chakraborty who heads a team which cover India's macro economy, foreign exchange rates and financial market developments was in Sri Lanka to address the economic summit organised by the Ceylon Chamber of Commerce (CCC).
Sri Lanka’s services sector has been on a steady growth path during the last few decades and now accounts the largest share of 59.3 percent of the island’s gross domestic product (GDP).
Last year the sector grew eight percent major jump over the 3.3 percent growth recorded in 2009 with the ‘Hotels and Restaurants’ sub sector rising sharply by about 39.8 per cent underpinned by the strong performance in tourism.
According to the latest figures published by the Central Bank the services grew 9.5 percent during the first quarter of 2011.
Sri Lanka, recovering from a thirty year war which ended just over two years ago is witnessing an upswing in tourism, a sector Chakraborty believes should be among the selected focus areas.
“It will probably now move in to telecom services revolution as well,” Chakraborty told LBR, referring to the impressive 13.4 percent growth the Post and Telecommunications sector posted last year.
“It is quite likely that at some point of time that software services will also come in because as the economy modernizes the need for software will be there, so that should also grow.
Sri Lanka’s economy in the last decade the economy witnessed significant contributions from the information communication technology (ICT) sector with revenue from local software companies rising and many US and European companies outsourcing their software developments to Sri Lankan organizations.
http://www.lbr.lk/fullstory.php?nid=201107042005379690
“Small economies often face this issue of whether to delve in to 50 different things or to focus only on a few things,” said Samiran Chakraborty, regional head of research at Standard Chartered Bank, India.
“If Sri Lanka focuses only on a few of its strong points in services then it will probably reap greater results,” Chakraborty said in an exclusive interview with LBR.
“Tourism services are very good in Sri Lanka,” he added.
Chakraborty who heads a team which cover India's macro economy, foreign exchange rates and financial market developments was in Sri Lanka to address the economic summit organised by the Ceylon Chamber of Commerce (CCC).
Sri Lanka’s services sector has been on a steady growth path during the last few decades and now accounts the largest share of 59.3 percent of the island’s gross domestic product (GDP).
Last year the sector grew eight percent major jump over the 3.3 percent growth recorded in 2009 with the ‘Hotels and Restaurants’ sub sector rising sharply by about 39.8 per cent underpinned by the strong performance in tourism.
According to the latest figures published by the Central Bank the services grew 9.5 percent during the first quarter of 2011.
Sri Lanka, recovering from a thirty year war which ended just over two years ago is witnessing an upswing in tourism, a sector Chakraborty believes should be among the selected focus areas.
“It will probably now move in to telecom services revolution as well,” Chakraborty told LBR, referring to the impressive 13.4 percent growth the Post and Telecommunications sector posted last year.
“It is quite likely that at some point of time that software services will also come in because as the economy modernizes the need for software will be there, so that should also grow.
Sri Lanka’s economy in the last decade the economy witnessed significant contributions from the information communication technology (ICT) sector with revenue from local software companies rising and many US and European companies outsourcing their software developments to Sri Lankan organizations.
http://www.lbr.lk/fullstory.php?nid=201107042005379690
