COLOMBO, Jan. 1 (Xinhua) -- Sri Lanka can achieve 5 percent GDP growth by 2026-2027 if the current economic policies continue, President Ranil Wickremesinghe said on Monday at the opening of the new air force headquarters.

Wickremesinghe said that the GDP growth in 2024 will be 3 percent, adding that the GDP growth should exceed 8 percent after 2027 to make Sri Lanka a thriving nation.

He said that in 2023, the government's revenue rose to 3.1 trillion rupees (over 9.59 billion U.S. dollars), which is 12 percent of the country's GDP.

The president said that by 2026, he hopes to increase government revenue to 15 percent of the GDP.

He said in 2024, the government's revenue will rise to 4.2 trillion rupees (13 billion dollars), and this is mainly due to amendments to the Value Added Tax (VAT) regime.

Wickremesinghe said that Sri Lanka will become a center of security and defense in the Indian Ocean and that the air force will have a key role to play. Enditem

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