The ADB on Friday revised its export growth targets for 2003 upwards to 10 percent from an earlier 6 percent, but warned of power shortages eating into early gains by 2004.
rnldblquote Export performance should be more robust than anticipated in the beginning of the year with the recovery of Sri Lankas main export markets dblquote , the Asian Development Bank (ADB) said in its Economic Quarterly Review.rn
rnldblquote As such, export growth in 2003 is likely to reach 10 percent, a significant adjustment from the 6.5 percent projection, with a similarly rapid expansion in the following year
dblquote .
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rnldblquote However decisions on contracting new electricity generation capacity should be made soon to sustain the growth in manufactured exports in the years beyond 2004 dblquote , the Bank said. rn
rnA surge in export growth is also likely to take the current account deficit forecasts to 2.5 percent of GDP in 2003 and 3 percent in 2004.
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rnDespite war fears in Iraq, spiralling oil prices an