Food, oil price rises worse than S.Lanka war

[Reuters]

High global food and fuel prices are damaging Sri Lanka’s economic growth more than its ongoing civil war, the central bank governor said on Tuesday, but shrugged off suggestions it could miss a 7 percent target. The Asian Development Bank said earlier this month growth would probably slow to 6 percent this year and next on high interest rates and global economic weakness. But governor Ajith Nivard Cabraal told Reuters rebuilding and new growth in areas of the island’s east recaptured from Tamil Tiger rebels last year would help keep growth at or near the target from 2007 6.8 percent.

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