President hopeful of significant economic growth in 2024

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.

While 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 our economic recovery.

The president expressed his comments while addressing the opening ceremony of the new Air Force Headquarters at the Akuregoda, Battaramulla Military Headquarters yesterday.

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. for the year 2024, a revenue target of Rs. 4.2 tillion is set, while a primary surplus of 8 decimals is anticipated.

However, he said it is essential to maintain a primary surplus at 2.3 until 2025.

“Despite the inherent challenges, our commitment to a comprehensive program 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 recognizing 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 program 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.