Common economic agenda vital for the region - Cabraal
The South Asian region has to work for a common economic
framework/model fitting to each country in the region to achieve a
sustainable economic growth in the long term perspective, the Governor
of the Central Bank of Sri Lanka Ajith Nivard Cabraal said.
“We are the people creating our society, therefore we have to find
our strategies for the best interest of the future generation in the
next coming decades,”
Ajith Nivard Cabraal
addressing the SAARC Finance Governors’ Symposium and Inaugural
International Research Conference held at Central Bank said.
The event was organised by the Central Bank and Governors and its
officials participated from all SAARC member countries.
He said the South Asia known to be quiet region at one time, but
during the last few years this region took a new stunt achieving a high
growth momentum especially India, Sri Lanka and Maldives.
This growth attracted and recognised by many countries including USA
and European Union, he said.
With the role taking place in economic momentum in the South Asian
region our countries have to overcome many common challenges and
constraints like poverty, terrorism, inflation and many more.
Therefore a new framework and a new growth model would address these
issues with the implementation of policy framework/models, he said.
“Asian region have to deal with high energy and commodity prices that
has slowed down the growth trends with the gradual declining of economic
development in industrialized world.
Therefore, there is no magic wand to address this difficult condition
in the world,” he said.
He said that with such problems in the region, it gives opportunities
to move forward in a coercive manner. Therefore we have to find new
economic models reflecting the country’s needs and requirement to
achieve a sustainable growth in the region.
Cabraal said that when other countries moving their per capita income
from US $ 1,000-3,000 some years ago they never experienced issues faced
by countries at present like copyright laws, labour problems, stringent
environmental pollution laws.
Cabraal also said that our region should work together and form a
strategy to make our future more effective with the implementation of
all economic models, which is unique to each country in the South Asian