The 28th Anniversary Convention of the Association of Professional Bankers – Sri Lanka commenced in Colombo on Wednesday evening.The convention is being held under the theme Thriving in a Digital World.
CBSL Governor, Dr.Indrajith Coomaraswamy explained that there is more exposure now to external discipline because the country will have to continue borrowing from abroad, while continuing to access international capital markets in the next five, six or seven, years or more
He pointed out that even though that discipline is new, it must be absorbed, and if it is ignored, it will spell trouble and from an economic perspective, the most important insight that needs to absorbed is that fact that growth cannot no longer be driven through incremental labour – which means there is a much higher premium on increasing productivity and competitiveness.
“Right now in Sri Lanka we don’t have a growth model”, said the governor who went on to add that there is a lack of fiscal space and because of the debt dynamicsl, the new growth model will have to be largely private investment and private sector driven.
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