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Govt's 10-year development plan could double per capita income within 6 years - CB Governor



CB Governor Cabraal

ECONOMY: The successful implementation of the Government's 10-year development plan would ensure that Sri Lanka per capita income would double in the next six years while minimising economic disparity between the Western Province and other provinces.

Central Bank Governor Ajith Nivard Cabraal said that Sri Lanka has now become a middle-income country with its per capita income reaching 1,355 US dollars but the country should strive to double that figure at least in the next six years.

The Governor who was speaking on the occasion of presenting the Central Bank of Sri Lanka Annual Report 2006 to President Mahinda Rajapaksa last Friday said that although the country's per capita income increased by 3.2 per cent in 2006 compared to the earlier figure of 1,197 US Dollars there is a disparity between the per capita income of the Western Province and other provinces.

"The per capita income of the Western Province is in the region of 1,900 US dollars while that figure is about 700 US dollars in other regions.

"We have to reduce this gap. While striving to double the country's per capita income in the next six years we should try to increase the per capita income of other provinces over 1,000 US dollars by 2010," the Governor said.

Cabraal also highlighted the need to maintain a sustainable high growth in excess of eight per cent in the medium-term as projected in the 10-year vision - the policy document of the Government.

He said the timely implementation of planned infrastructure projects within the stipulated period has been identified as a prerequisite to achieving high growth.

He said the planned development projects will also help minimising the economic disparities within regions. He also said that economic expansion was broad-based in 2006 as all sectors grew at healthy rates.

The agriculture sector grew by 4.7 per cent contributing 11.1 per cent to the overall growth while the industry sector grew by 7.2 per cent contributing to 27 per cent to the overall growth.

Contribution from the services sector was the highest at 62.6 per cent as the sector grew by 8.3 per cent during the year.

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