Developments in the economy  As is already known, the Sri Lankan economy achieved a growth of 8 per cent in the first half of 2006, and a growth of 7.5 per cent in the third quarter of 2006, Overall, it is very likely that the economy would have grown at over 7 per cent in 2006. These values are laudable because they have been achieved in the face of several major challenges, particularly high international oil prices and an escalation of security concerns during the year. Notwithstanding such challenges, all major sectors of the economy grew at healthy rates. The Agriculture sector continued its expansion with growth recorded in all sub sectors, except tea. Remarkable growth in rubber and coconut, fast recovery in the fish production, record harvests of paddy in the Maha season 2005/2006, supported the growth in the agricultural sector. The Industry sector continued to grow, benefiting from the rapid global economic growth and strong domestic demand. Weather, favourable to hydropower generation, also contributed to the substantial growth in this sector. The Services sector growth was dominated by the telecommunication services, port services, domestic and international trade, and financial services. Figure 1: GDP Growth and Sectoral Contribution to Growth 10 8 Per cent  6 4 2 0 -2 -4 2001  2002  2003  Agriculture Services  2004  2005  2006 F  Industry GDP Growth  At the same time however, inflation began to increase since April 2006 due to rising demand pressures in the economy.
Encik Abdul Rasheed Ghaffour: ASEAN - advancing its potential, hurdles and the way forward Closing remarks by Mr Encik Abdul Rasheed Ghaffour, Deputy Governor of the Central Bank of Malaysia (Bank Negara Malaysia), at the Conference, Kuala Lumpur, 4 August 2017. * * * Thank you for having me here today to deliver the closing remarks for the ASEAN@50 Conference. I am also honoured that you have chosen Sasana Kijang to be your meeting point for this Conference. I’m sure that all of you have greatly benefited from the two thought-provoking panel discussions earlier, that drilled down the measures required for ASEAN to achieve its economic promise. ASEAN proudly welcomes its golden jubilee next week. This momentous occasion not only celebrates our achievements thus far, but also marks the gravity of the work ahead of us. We will continue to galvanise all sectors of society – public, private and civil – to ensure ASEAN’s achievements are not just reflected on paper, but more importantly, can be seen, felt and heard. ASEAN stands out as a dynamic region – with diverse strengths that continues to benefit its growing population of 625 million people. In 2015, ASEAN contributed to more than 7 percent of world exports. Our strong trade performance has contributed to increased employment by about 70 million over the past 17 years – enabling better livelihoods of households. Millions have been lifted out of poverty with the significant rise of ASEAN’s GDP per capita, from USD1,054 in 1996 to USD4,000 in 2016.