The role of universities in bringing continued economic prosperity to Sri Lanka
This is an expanded version of the Convocation Address delivered at the 13th General Convocation of the Wayamba University of Sri Lanka on 30 August.
W.A. Wijewardena delivering the Convocation Address
An ambition to become a rich country in 15 years
Monday, 4 September 2017 As pronounced by the Government in its economic policy statement, Sri Lanka aspires to become a developed country within the next 30-year period. To attain this goal, the statement says, Sri Lanka should have a minimum annual economic growth of 7% over this period. Given an annual population growth of 1%, what it means is that the average income of a Sri Lankan, known as per capita income, will double in every 12-year period. Thus, in 36 years, the country’s per capita income will increase eightfold from the current level of $ 4,000 to $ 32,000. Since the developed country threshold, according the World Bank’s classifications, is per capita income of about $ 12235, at 6 % annual per capita income growth, Sri Lanka will be able to attain the status of rich country in 15 years or by 2031.
