Sri Lanka News

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Sri Lanka hurtling down to a failed economy

Sri Lanka`s topflight economist Prof. A. D.V.de S. Indraatne, President of the Sri Lanka Economic association at the monthly forum held recently for Public- private Dialogue of the Federation of Chambers of Commerce and industry of Sri Lanka (FCCISL) organized by the Small and medium Enterprise developers (SMED) said, Sri Lanka`s economy is in utter shambles with half the population living below poverty line and their per capita income is even lesser than U.S.$ 250.00 !, although the Govt. is waxing boastful on false inflated figures regarding it.

He pointed out how steeply the per capita income has plummeted: in 2006 it was U.S. $ 1350.00; in 2007 it was U.S. $ 1430.00. Furthermore, the inflation has increased to a disastrous level at over 20%.

He lamented that development has not taken place, and whatever little development has also not delivered the benefits to the poor.

The most irksome and disturbing factor is the gleeful galloping cost of living and uncontrollable increase in poverty among a large segment of the population, he added.

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March 18, 2008 - Posted by | South Asia, World News

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