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
"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
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.