Sri Lanka has to become a high income-country by 2030 - PM

Prime Minister Ranil Wickremesinghe says that achieving a growth rate of 9% is a difficult task but not impossible and that it has to be done because by 2030 Sri Lanka has to become a high income-country.

“We have to maintain our momentum and ensure whatever happens there is 6.5% growth rate for next year,” he said, during an event today marking the 30th anniversary of the Colombo Stock Exchange (CSE).

“There may be some unforeseen circumstances which case not only our economies but most of the emerging market economies will have to take a downward plunder.”

But that’s not going to be on macroeconomic policies it’s going to be something outside that, he said.

“But then from 6.5% what may be the problems we face we have to go to a higher growth rate. We have to achieve 8% and we have to ensure sometimes we can get 9%,” he said addressing the gathering.

“Now this is a difficult task but not impossible.”

We have to do this because by 2030 we have to become a high income-country, Wickremesinghe stated. “So all our efforts have to be mobilized to achieve this goal.”

He further said that there is still a lot of available and untapped consumable income in the economy. “Especially in the balance sheets of some of our companies.”

Now we have to find ways and means to ensure that all this is directed towards investments, he added.

“We have to have structural reforms to facilitate investment and growth. We want to ensure an expanding and a strong middle class in this country.”