Prosperity of Sri Lankans increasing, CB says
View(s):The prosperity of Sri Lankans is increasing, according to the latest indicators from the Central Bank’s ‘Sri Lanka Prosperity Index (SLPI)’.
The SLPI, introduced by the Central Bank (CB) in 2008 to measure the overall status of prosperity in the country as a whole and in each of its provinces, consists of three sub-indices – the Economy and Business Climate sub-index, the Well-Being of the People sub-index and the Socio-Economic Infrastructure sub-index.
During 2009 to 2011, the SLPI increased with an improvement in all three sub-indices. The SLPI rose by 4.1 per cent in 2011 from 3.1 per cent in 2010. The most marked improvement for the period 2009 to 2011 was in the Socio-Economic Infrastructure sub-index which rose by 4.9 per cent in 2011 from 3.7 per cent in 2010. The Economy and Business Climate sub-index increased by 4.0 per cent in 2011 from 2.1 per cent in 2010. The Well-Being of the People sub-index increased by 3.6 per cent in 2011 compared with 3.7 per cent in 2010, the CB said in a statement.
“The SLPI is a multi-dimensional indicator reflecting the economic and social developments in the country and the provinces on an annual basis,” it added.
The SLPI provides national policy makers, provincial authorities, business and community stakeholders with an index to “measure the prosperity of provinces in a more holistic manner”.
The Prosperity Index (PI) for the nine provinces from 2009 to 2011 improved. During the period, the top five ranks in the SLPI were maintained by the Western, Southern, Central, North Western and Sabaragamuwa provinces respectively. The Northern Province recorded the highest growth rate. Although the prosperity levels in all provinces have continuously increased over the years, the relative position of some provinces declined due to greater improvements observed in other provinces.
The Western Province continued to have the highest SLPI rank and was the only province above the national average. In 2011, the Western Province experienced a growth rate of 3.5 per cent in its PI and occupied the top position in all three sub-indices. With regard to variables, notable improvements were made in per capita GDP, reduction in poor households, vehicle ownership, telephone density and schools having English medium classes and computer facilities. However, the pupil teacher ratio and number of reported crimes of the province remained highest of all provinces throughout the period of 2009-2011, the CB said.
It said the Eastern Province recorded the lowest growth rate and its relative position declined to eight in 2011 from six in 2010 on account of lower performance in employment, poor household percentage, secondary school attainment, G.C.E. O/L pass rate and telecommunication and computer facilities, comparative to other provinces.
Follow @timesonlinelk
comments powered by Disqus