Sri Lanka President assures US $ 4,000 per capita income by 2016

Charumini de Silva

• Sri Lanka already a middle income State

• Country emerged from the global economic downturn

• Sri Lanka now a popular destination 

 President Mahinda Rajapaksa said yesterday that the country attained middle income status during the last five years which is a unique achievement. “During the past five years, the country gained a per capita income of US $ 2,053, while becoming a middle-income State.

“It was an excellent accomplishment of the country,” the President said at the presentation of the 60th annual report of the Monetary Board to him as Finance and Planning Minister by Central Bank Governor Ajith Nivard Cabraal at the Central Bank yesterday.

The President said the achievement should be seen in the context that it took Sri Lanka more than 50 years to achieve a per capita income of US $ 1,020. Reaching a per capita income of US $ 4,000 by 2016 will be a feasible target with the encouraging economic environment.

The President said despite many internal and external challenges, the country gained a 3.5 percent growth in 2009.
This significant performance was mainly due to the restoration of peace and the steady improvement in the economy, he said.
President Rajapaksa said Sri Lanka continued to be impacted by the effects of the global financial and economic downturn while domestically the conflict, which drew the country backward over three decades reached a critical juncture during the early part of last year.

However, with the stern financial regulations and policies the country gained a positive economic growth, where most of the strong western economies recorded a negative economic growth, he said.
“Sri Lanka was named as one of the top countries to visit and as a country that will have the potential for an emerging economy,” the President said.

source - www.dailynews.lk