RW proposes Economic Transformation Act

Thursday, 8 February 2024 04:52 -     - {{hitsCtrl.values.hits}}

President Ranil Wickremesinghe yesterday proposed to present an Economic Transformation Act to Parliament. 

“To advance, we must transition to a modern, robust economy. I will present the Economic Transformation Act to Parliament shortly, and relevant institutions have been established,” the President said in presenting his policy statement at the opening the fifth session of the Ninth Parliament.

He also said the required transformation is a comprehensive and prolonged endeavour, not achievable in a brief period. “As I previously mentioned, following this path could lead us to become a developed state by 2048. Quick fixes do not exist for crises, and achieving goals demand persistent effort,” the President added.

During his speech, Wickremesinghe also detailed efforts made by the Government to restore stability following the crisis. “We have managed to rejuvenate our economy swiftly, evading enduring difficulties and pains. The economy, once in the intensive care unit, has been rescued from its critical condition,” he said. 

It was reiterated that despite a 7.8% contraction in GDP by the close of 2022, the economic trajectory reversed. “Experiencing six consecutive quarters of growth from 2022, the third quarter of 2023 marked a 1.6% expansion,” the President said. 

“Through the 2023 budget, several proposals were presented to guide the economy towards stability, showcasing a step-by-step approach to our overarching goals,” he added. 


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