The governor of Sri Lanka’s Central Bank, Nivard Cabraal said that Sri Lanka’s GDP will reach $150bn by 2020, almost double of the country’s current GDP of $77bn.
Speaking at the Ceylon Chamber of Commerce economic summit in Colombo, Mr Cabraal said that the target can “easily” be reached, and that several other economic indicators and international rankings for Sri Lanka will also improve.
The governor said that worker remittances, one of the highest contributors to the economy will reduce by 2020, claiming that most of the “would be Lankan expatriates” would find “better and more paying employment opportunities” on the island.
Mr Cabraal also claimed that regional economic differences will further reduce and “all provinces would be enjoying similar incomes” in the next few years.
The Sri Lankan government has previously been accused of manipulating statistics to boost GDP figures, a charge it denied.
See related articles:
Sri Lanka’s debt repayments exceed revenue – Sunday Times (21 April 2014)
Officer who exposed GDP data fudging to be sacked (24 January 2014)
IMF: Sri Lanka’s exports/GDP falling (23 February 2011)
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