Wednesday, November 4, 2015

European Economy's Slow Growth Likely To Impact Sri Lankan Economy: Official

The European economy's moderate development could affect the Sri Lankan economy, unless the island country gets the GSP in addition to exchange concessions and the prohibition on fisheries fares to the EU district lifted, Deputy Governor of the Central Bank, Dr. Nandalal Weerasinghe has said.

Cited in an announcement discharged by the nation's fundamental business body, the Ceylon Chamber of Commerce (CCC) on Tuesday, Weerasinghe, be that as it may, said the U.S. economy and India's
development prospects were brilliant spots for the Sri Lankan economy, which is required to become above 5.5 percent amid the year 2015.





He additionally said the British economy, which purchases a noteworthy piece of the Sri Lankan clothing items is faring admirably and that will likewise foreshadow well for the neighborhood economy.

Then again, he cautioned that the European economy's moderate development could affect the island country particularly since EU exchange concessions had been pulled back and a restriction on fisheries fares to the EU had been placed set up.

The EU chose to pull back the GSP bargain in August 2010 saying Sri Lanka had not followed the qualification criteria, for example, actualizing universal human rights traditions.

In June, Sri Lanka's remote service said the island country confronted lost one billion rupees yearly as an aftereffect of the GSP in addition to concessions being pulled back.

The EU restriction on fisheries fares were actualized in January this year.