Sri Lanka's GDP will reach US $ 150 billion by 2020, Central Bank Governor Ajith Nivard Cabraal said. The Per capita income by that time will reach US$ 7,000, he said speaking at the 14th Economic Summit organized by Ceylon Chamber of Commerce at Cinnamon Grand yesterday (Aug. 5).
The Governor said currently the GDP is at US $ 77 billion and could easily reach this target by 2020. He said that several other economic indicators and international rankings for Sri Lanka too will improve and Sri Lanka will definitely be placed among the top 20 in the Doing Business Index.
He also predicted that the worker remittance that is one of the highest contributors to the Lankan economy will reduce in 2020 since most of the ‘would be Lankan expatriates’ would find better and more paying employment opportunities in Sri Lanka.
Cabraal said that Sri Lanka is now adding key infrastructure that should have been build long time ago. “More than the cost of building highways, the land acquisitions are very expensive and it would be almost impossible to build a highway after five years in Sri Lanka due to the high cost.
The Governor said the regional disparity will further reduce and all provinces would be enjoying similar incomes in the next few years.
He also said that today the private sector too is reaping benefits from a strong economy and this could be easily observed if companies compare their balance sheet today and 10 years ago.