Sri Lanka tipped as Asia’s new Island of growth is today’s top story in the Daily FT. (11th July 2014) Was there NO news to write like the CSE rise!
Whilst we must be proud of anyone who opines on this, we must look to the substance of the article and its source.
The link above is the reference to the complete article from which selective extracts have been taken, some out of context to make the point in the story. Both the blog from which it was taken Seekingalpha and the writer of the article Fraser Dinnis, whose spelling was atrociously mis spelt in the FT article are fringe publications and contrarian analysts. Therefore using the word “renowned investment banking and equity markets specialist” for him, is giving him a day in the sun, like he has never had before in his life. He would be most pleased, and no doubt would jump on the next plane to come and give a talk in something like the annual Chamber of Commerce Seminar to be held next month. I am sure he is angling for an all expenses paid invitation for the event including airfare!
Jokes apart he is comparing with Singapore. Which is the world’s most expensive city to live in, and they have made it to the top. There is nowhere for them to go! It is a no brainer there. Sure Sri Lanka has a lot of upside potential and can grow at a much higher rate than Singapore. He must to do justice explain why it is better than the comparative other Asian economies of South East Asia to get a better perspective of the relative investment climate.
I am also a person who believes that given a few different set of Governance fundamentals we can grow at double digits, and that the huge remittance pool from overseas can be put to far better use than at present, but that foundation is yet to be implemented.
I just hope that we don’t give misplaced adulation to people and articles that don’t deserve them, but be a little wary of taking anything that comes. We don’t want to be so desperate as to be bottom fishing. Just tell the Govt. to pay to plant an article like this in the WSJ and then there will be some believers other than locals.
This contrasts sharply with my earlier blog entry today on the daylight robbery taking place by the Govt. in power in contrast to Singapore's scrupulous morals!