President hopeful of achieving 3% economic growth in 2024

• Efforts underway to expand economic growth to 5 percent by 2025 - 2026
• Asserts need to diversify and create new sources of income
• Aims for Rs. 4.2 tn government revenue this year

Entering the year with positivity, President Ranil Wickremesinghe said the government aims to achieve an economic growth of 3 percent in 2024, with a commitment to advancing even more rapidly.
He noted that while “decisive actions” would lead Sri Lanka to achieve the target, collaborative efforts are underway to expand economic growth to 5 percent by 2025 - 2026.

As several countries have expressed their support, raising inquiries into Sri Lanka’s ability to service the incurred debt in the future, Wickremesinghe said to address this concern it is imperative to diversify and create new sources of income, ensuring the sustainability of
economic recovery.

The President expressed his comments while addressing the opening ceremony of the new Air Force Headquarters at the Akuregoda, Battaramulla Military Headquarters on Monday.
Last year, the government revenue reached Rs. 3.1 trillion, constituting 12 percent of GDP. 
Wickremesinghe said as a part of the strategic vision, the government aims to elevate this to 15 percent by 2026. In terms of government revenue, a target of Rs. 4.2 trillion is set for 2024, while a primary surplus of 8 decimals is anticipated.

However, he said it is essential to maintain a primary surplus at 2.3 decimals until 2025.
“Despite the inherent challenges, our commitment to a comprehensive programme aimed at strengthening the country’s economy remains unwavering.

“Acknowledging the inherent difficulty of the task at hand, I have carefully considered the challenges associated with the decisions we are making. It is not without recognising the complexities and obstacles that I have pondered these choices extensively,” Wickremesinghe said. The weight of the responsibility lies in understanding that without taking these decisive measures, we risk facing a recurrence of the last economic crisis,
he added.

The President went on to note that implementing this programme represents an opportunity for the country to forge a path toward a better future. Despite the difficulties, the potential for positive transformation and sustained growth
is significant.
“It is with a clear understanding of these considerations and a steadfast commitment to the well-being and prosperity of the nation that I have made these decisions for the country,” he said.