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Ceylon Chamber calls for inclusive growth

06 Aug 2014 - {{hitsCtrl.values.hits}}

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when Sri Lanka is all out to double its per capita income beyond US $ 7,000 by 2020, the Ceylon Chamber of Commerce (CCC) Chairman Suresh Shah cautioned that this increase in incomes must not be haunted by income disparity plagues in many other middle income countries.
Shah said if this rising per capital income is to benefit businesses, the income must be distributed among a broader group of consumers rather than among a small group of very high net worth individuals.

“Sri Lanka must strive for more inclusive growth. This is also in the interest of the private sector. Businesses would benefit more with a broad group of consumers earning a reasonable income rather than with a small group of very high net worth individuals,” he said welcoming a packed audience at the 15th Economic Summit held yesterday under the theme ‘Towards surpassing the US $ 7,000 per capita by 2020’.

Sri Lanka is on her path to become a higher middle income economy by end 2015 surpassing US $ 4,000 per capita income.
However, reports indicate that almost 75 percent of world’s poor – those who earn less US $ 1.25 a day live in these middle income countries.
In Sri Lanka, as much as 24 percent of the population earn less than US $ 2 a day, Shah noted.

Meanwhile, Central Bank Governor Ajith Nivard Cabraal told the forum that by 2020, the poverty would be reduced to one percent.
According to the Central Bank annual report, Sri Lanka’s per capita income has increased from US $ 2,922 in 2012 to US $ 3,280 in 2013.
This is projected to reach US $ 4,240 in end-2015 and US $ 4,825 in end-2016 and further up to US $ 7,000 by 2020.

Meanwhile, Treasury Secretary Dr. P.B Jayasundera delivering the key note address at the summit said the country would become an advanced economy by 2035 with its per capita income exceeding US $ 12,276, little above the economic state enjoyed by Malaysia today.
Going beyond 2035, Cabraal said Sri Lanka’s per capita income is expected to reach US $ 20,000 by 2040, an economic state enjoyed by South Koreans at present.

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Ceylon Chamber calls for inclusive growth

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