COLOMBO, Feb. 7 (Xinhua) -- Sri Lankan President Ranil Wickremesinghe Wednesday said his country plans to join the Regional Comprehensive Economic Partnership (RCEP).
The president said at the inauguration of the fifth session of the ninth parliament that there has been a significant turnaround in the nation's economic landscape.
Presenting his policy statement, Wickremesinghe said that despite the 1.9 percent gross domestic product (GDP) deficit in 2022, Sri Lanka achieved a surplus by the end of 2023, marking the first such occurrence since 1977.
He said the country's tax registrations have surged from 437,547 to 1,000,029 between 2022 and 2023, and inflation, which stood at 50.6 percent last year, has dramatically decreased to a mere 6.4 percent today.
Wickremesinghe also revealed that there has been a substantial increase in tourist arrivals.
From 194,495 visitors in 2021, arrivals surged to 1,487,303 in 2023, with over 200,000 tourists visiting in January this year, he said, projecting a further increase in annual tourist arrivals to 5 million in the future.
Wickremesinghe added that despite a 7.8 percent GDP contraction and six consecutive quarters of negative growth since 2022, the nation rebounded with a 1.6 percent growth rate in the third quarter of 2023.
The president said these are remarkable achievements, contrasting them with Greece's decade-long struggle to recover from economic collapse.
Despite facing similar challenges, Sri Lanka managed to accomplish significant progress in a relatively short period, he said.
Wickremesinghe also pledged the modernization of all security networks, including intelligence agencies, equipment, training methods, troops and strategic activities, to effectively address emerging challenges.
The president also proposed to fully implement the free trade agreement with Singapore and pursue similar agreements with China, Indonesia and Bangladesh.
To catalyze economic growth, the Port City of Colombo has been identified as a special financial zone, facilitating the enactment of necessary laws and ordinances for conducting international financial transactions in the region, said Wickremesinghe.
China ready to strengthen high
Visa fees for international artists to tour in US shot up 250% in April
Silent struggles plague Cambodian refugees in Bangkok — Radio Free Asia
WhatsApp has made a subtle change that has left users FURIOUS
Supreme Court will hear case claiming CBD product got trucker fired
Facing a Republican revolt, House Speaker Johnson pushes ahead on US aid for Ukraine, allies
Donors pledge $630 million for conflict
Mesmerising charts show world's most and least populated countries over time
Global negotiations on a treaty to end plastic pollution at critical phase in Canada
How Britain's richest man is so secretive even his receptionist hasn't heard of him
Pakistani FM Ishaq Dar designated deputy PM
Buffalo Sabres fire head coach Don Granato after extending playoff drought to 13th season