Lanka, fastest growing IT market - BMI

Sri Lanka's information technology market will be among the best potential growth prospects in South Asia, says the Business Monitor International (BMI) of UK.

Total IT spending is seen as nearly doubling to US$494mn by 2013, with considerable upside. This projected CAGR of 15 percent would make Sri Lanka one of the fastest-growing markets in the region, states BMI in its IT market report.

The BMI further states that the progress is a consequence of the end to Sri Lanka's long- running war in mid- 2009. Earlier the total size of the legal IT market was estimated at US$254mn in 2008, just 2 percent the size of India's with the effects over the years of the country's political and economic instability, disruption of distribution channels, the negative impact on incomes growth, and underdevelopment of the country's telecoms infrastructure, BMI points out.

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