Much has happened during that period, which really is the peace dividend, although sometimes we do not think of it on those terms. Therefore, in order to set the background for my address, let me quickly reflect on some of these achievements. In the post-conflict economy, Sri Lanka recorded many important milestones.
Per capita income doubled to reach over US dollars 2,900 in a relatively short period, thereby elevating the country to an “emerging market economy” status; the economy grew to a robust US dollar 59 billion, from about US dollars 24 billion in 2004; Inflation was controlled at single digits for more than four and a half years; Poverty levels reduced to around 6 percent from about 15%; Unemployment reduced to less than 4 percent; The quality of infrastructure was enhanced to a level comparable with many emerging market economies; Foreign reserves were maintained at over 6 billion US dollars; The public debt was managed prudently so as to reduce the debt-to-GDP ratio from a high of 105 percent in 2003 to about 78 percent; An over 8 percent economic growth was achieved in successive years 2010 and 2011; Private foreign investment inflows into the government has exceeded $ 7 billion; The Fiscal deficit was limited to 6.4% in 2012, from a high of 9.9% in 2009; The country’s Doing Business global rank has reached the 81st level, up from 102nd in 2010, while being poised to jump about 10 places this year; Regional development has made tangible progress and the Western Province share of GDP reduced to around 43% from 51% in 2005; Regular foreign investment has flowed into banks and the stock market; The banking system was maintained in a stable condition even in the midst of very difficult global circumstances.