Filled with pride for the economic development of our country over the past decade, we must now concentrate more on the future. Estonia’s goal is not only the sustainable economic growth target of 5.5-6 per cent per annum but also the preparedness to join the European Union and to make maximum use of the opening opportunities. What should we then focus on especially? B.1  Challenges facing Estonian economy on its way to the European Union - overall economic policy stance  Estonian economy is already strongly integrated into the European economic area. From the perspective of the central bank I would like to refer to the clear convergence of the interest rate fluctuations and inflation cycles in Estonia and the European Union. The share of current and future EU member states in Estonia’s export is about 81%. In 1994-2001 Estonia’s export to the European Union increased on the average 25% per annum. Our exports to the European Union have steadily grown quicker than imports from the European Union. It means that we have been steadily increasing our market share in the European Union - although it is small. The export structure also characterises our competitiveness - exported goods reflect changes that have taken place in the economy. Our traditional export items are timber, textile and foodstuffs, but also, for example, parts and components of electric motors, cables, mobile phones, antennae and the like.
Ajith Nivard Cabraal: Macroeconomic background and outlook for 2007 Presentation by Mr Ajith Nivard Cabraal, Governor of the Central Bank of Sri Lanka, at the Sri Lanka Development Forum – 2007, Colombo, 29-30 January 2007. *  *  *  Your Excellency President Mahinda Rajapaksa, President of Sri Lanka, Hon Chairman, Hon Ministers, Your Excellencies, Development Partners and friends, In the next few minutes, I will endeavour to give you a quick update of Sri Lanka’s macroeconomic achievements in 2006 and also share with you, some thoughts on the outlook for 2007. As we now know, the Sri Lankan economy recorded a growth of 7.8 per cent in the first three quarters of 2006 and according to current available data, it is very likely that the economic growth in 2006 would be well over 7 per cent. Unemployment recorded its lowest level of 6.3% during the year. Our international reserves increased by nearly 5 per cent. Exports, imports and FDI grew significantly. Many major infrastructure development projects commenced. A large number of village development projects were implemented. Migrant worker remittances reached the highest ever level of over US dollar 2.3 billion. These achievements by any standards, would have been considered significant. But, in the light of several major challenges faced by the country during 2006, these achievements could very well be even considered quite remarkable.