Sri Lanka moves into Middle Income Status - WB
The emerging economic development in South Asia is propelling Sri
Lanka into the Middle Income Status, states the World Bank Annual Report
Other South Asian countries similarly moving up are India, Bhutan and
This progress is a result of the rapid economic growth, declining
poverty and progress in human development in these countries for more
than a decade.
The World Bank report states: "South Asia has experienced rapid
economic growth, declining poverty and progress in human development for
more than a decade. As a result, for the first time in its history, the
region with the world's largest concentration of poor people has a real
chance of ending mass poverty in a generation.
Thanks to the economic reforms of the past two decades, annual GDP
growth in the region has averaged six per cent since 2000. This growth
has translated into a significant drop in poverty rates across the
In the next decade, South Asia is expected to contribute more to
global poverty reduction than any other region. If it can accelerate
growth to 8-10 percent a year and sustain it, it can reduce income
poverty to the single digits.
The Bank's program also reflects an emerging new reality. South Asia
can no longer be characterized as a uniformly low-income region. Growth
is propelling in India, Bhutan, Maldives and Sri Lanka into middle