Annual Report 2012 - National Savings Bank

35HOW WE PERFORMED IN 2012ECONOMIC REVIEWearnings due to weakening globaldemand which showed at 16.5% ofGDP. The trade decit was 14.4% ofGDP by end 2012, and the currentaccount decit too, was slated toreduce to 5.5% of GDP compared to7.8% in 2011. This is all reective ofthe prevailing economic accelerants,namely tourism, worker remittancesand BPO and KPO services gatheringmomentum.Sri Lanka’s vision to become SouthAsia’s Economic Hub by 2015 is goingaccording to plan. The accelerated focuson mega infrastructure developmentaligned to the Economic Hub visionin the road, power, ports, airports andrural infrastructure sectors continuedon target.the foundation for a well equippedprosperous nation.National mileposts targeted for 2016therefore, is to ensure the country’spoverty be brought down to less than2%, unemployment below 3% andacute malnutrition among childrenunder ve years to decrease to lessthan 5%. Public investment must be6% of GDP and national savings/investment gap should be targeted for0.5% of GDP. There is also a concertedimperative to aggressively grow theequity market which, by 2016, is aimedat seeing stock market capitalisation ofUS $ 70 Billion and a Corporate BondMarket of US $10 Billion. Bank assetsit is believed can reach Rs.10 Trillion.Sri Lanka’s ten year plan now restson the shoulders of the nation. Weare a Middle Income Country thathas performed exceptionally well inextraordinary circumstances. However,achieving our ambitious plans must bewell thought out, with applicable goalsand targets that will assuredly formNATIONAL SAVINGS BANK . ANNUAL REPORT 2012