he World Bank predicts that the economic growth rate of Sri Lanka will be five percent next year. It currently stands at 4.8 percent. The World Bank says the increased private consumption and postponed investment last year will help the country to achieve this feat.

It is imperative for Sri Lanka to expedite high priority structural reforms to increase competitiveness, improve governance and consolidate its fiscal balance in order to ensure sustained growth and development. This has been mentioned in the World Bank's twice-a-year report titled "South Asia Economic Focus".

According to it South Asia has defied a sluggish world economy and solidified its lead as the fastest growing region in the world this year. Led by solid performance in India, economic growth is expected to gradually accelerate from 7.1 percent to 7.3 percent next year.