Sri Lanka’s Central Bank records an improvement in the country’s position on the Prosperity Index
The Central Bank of Sri Lanka has reportedly stated that the country’s prosperity, measured by the Prosperity Index has seen an improvement recording 0.746 in 2016 from 0.685 in the previous year.
According to a local news report, in analyzing the movements of the sub-indices of the index, for the period of 2015 to 2016, the Economy and Business Climate and Well-being of the People sub-indices have improved, while there is a moderation in Socio-Economic Infrastructure sub-index.
The improvements in employment rate, informal sector wages, industrial density and banking density have reportedly contributed towards the enhancement of the Economy and Business Climate sub-index.
As for the sub index of the Well-being of the People, high performance in availability of healthcare facilities, availability and quality of education, wealth of people and availability and usage of entertainment facilities were the key drivers.
The reduction observed in the Socio-Economic Infrastructure sub-index was led by reduced levels of pipe borne water quality, female participation in civic activities and available transport facilities.
Aspects of road coverage, availability of electricity, crime free environment and availability of ICT facilities in schools have shown improvements within the Socio-Economic Infrastructure sub-index.
The Prosperity Index and all its sub-indices demonstrate increasing trends over the last five years.
The Central Bank has stated the steep growth observed during 2012-2014 period has moderated thereafter due to low performance recorded in the Socio-Economic Infrastructure sub-index.
Sri Lanka Prosperity Index is a composite indicator that measures and compares the level of prosperity of the country and across its provinces.
An increase in prosperity notes a positive improvement in the income levels and lifestyles of the average Sri Lankan. The positive movement in Sri Lanka’s economic indicators would undoubtedly result in the strengthening of the country’s overall economy creating a conducive environment for foreign investments.
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