Sri Lanka Tourism revenue projections revised down to US$ 3.7bn from US$ 5bn

Tourism receipts which were projected at US$ 5 billion are now being projected at USD 3.7 billion A reduction in arrivals from 2.6 million projected initially for this year will be down to about 2 million, Dr. Indrajit Coomaraswamy, Governor Central Bank said. speaking at the orientation programme organised by the Secretary for Foreign Affairs for Foreign Diplomats on June 7.

Further speaking the governor said,: "The Easter Sunday bombings were carried out by a small group of people who did not have the support of their wider communities. When it came to the disruptions, the civil commotions a couple of weeks after the bombings, there was widespread condemnation. Investors were more concerned about those disruptions. They are quite used to bombings in different countries and they feel these are one-off things that countries can get over. Having a more generalized breakdown of law and order makes them nervous."

"Last year the census and statistics came out with an official growth of 3.2 percent. In our view, the figure was closer to 3.8 percent. The IMF, the World Bank, ADB, and research outfits were closer in their assessment to 4 percent than they were to 3.2 percent.A few years ago the Census and Statistics department adopted a new methodology for computing national accounts. It needs a lot of survey data to support it. They haven’t been endowed with sufficient resources to undertake the surveys. They are compelled to use various proxies and those proxies are not picking up some of the newer activities in the economy. Growth is understated. The Central Bank’s projection (not yet public) for 2019/20 was 4 percent our latest revision is to 2.9 percent," the governor said. (

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