Sri Lankan Economy Shows Signs of Recovery

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Last updated at: (Beijing Time) Friday, June 28, 2002

Sri Lankan Economy Shows Signs of Recovery

The Sri Lankan government said Thursday that its sluggish economy had recovered to a 3 percent growth after a minus growth recorded last year.

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The Sri Lankan government said Thursday that its sluggish economy had recovered to a 3 percent growth after a minus growth recorded last year.

Government Spokesman and Constitutional Minister G.L. Peiris told reporters that the 3 percent economic growth had been achieved during the first six months of this year.

"At the time we assumed office there was minus 0.6 growth. And today after six months the growth rate is plus 3 percent," Peiris said.

The country's economy recorded a negative growth last year for the first time since it gained independence from the British colonial rule in 1948.

Peiris said that Prime Minister Ranil Wickremesinghe would soon make a comprehensive statement on the country's economy.

Peiris said that "15 different pieces of legislation are in the process of preparation aimed at stimulating economic growth."

The government and separatist Tamil Tiger rebels are observing ceasefire since last December. Both sides are expected to hold direct peace talks in Thailand in July to end the country's 19- year ethnic conflict.

Tourists have been trickling back to the island country and confidence of investors has been enhanced by the progress of the current Norwegian-brokered peace process.

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