Sri Lanka post-war growth shift smaller

May 27, 2013 (LBO) - A post-war growth spurt is temporary and there was no 'structural shift' to eight percent a year from six, needing policy changes, an economist said, echoing a call by the International Monetary Fund to improve policy. Harsha De Silva, who is also a legislator for the opposition said while there were debates about the accuracy of government gross domestic product numbers growth increased to about 8 percent immediately after a 30-year the war ended but it was not sustainable.

He said while growth can go up and fall in some year due variations in a business cycle, the claim that economic growth had shifted to about 8.

0 percent a year was not correct.

Cyclical Path

"What that means is we have seen a boom-bust cycle along a growth path that would have been perhaps 7.0 percent," de Silva told reporters.

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"What the IMF is saying is that in the medium term instead of an 8.0 percent growth we will see a 6.

8 percent growth, and any booms and busts along that 6.

8 percent growth path."

"If we are to have 8.0 percent growth there has to be serious adjustments in fiscal policy.

"

In the 1980s and 1990s Sri Lanka had a growth path of about 6.0 percent.

Critics say Sri Lanka's rulers are now