President’s advisor is not “real” on SL’S growth since 1959

President’s advisor Sunanda which is more pertinent to the Madduma Bandara claims that claim, averaged 3.6% per year (a) since 1959 there has been a from 1959 to 2022 (see Exhibit 1). ‘massive’ (25 times) increase in Claim (b): Did Sri Lanka income levels in Sri Lanka, and outperform all the countries in (b) its growth outperformed all South Asia? For a comparison, South Asian countries. Factcheck.lk could find data only

To verify the claim, Factcheck. from 1980 onwards. lk consulted the International From 1980 onwards, Maldives Monetary Fund (IMF) World and Bhutan outperformed Sri Economic Outlook 2023 and Lanka in “real” per capita GDP the Annual Report of the Central growth, both in local currency Bank of Sri Lanka (CBSL) 2022. terms and in USD terms.

Claim (a): In claiming the Additionally, India outperformed massive increase, the president’s Sri Lanka in local currency terms. advisor cites per capita GDP The claim is that Sri Lanka increase in nominal USD posted “massive” growth terms. However, growth in outperforming all others in South income-level (which equates to Asia. The analysis shows that purchasing-ability/production) the claim of “massive” results is not measured in “nominal” from mistaking “nominal” growth terms—because an increase in for “real” growth; and that three the price of a product is not an other South Asian countries increase in real production. It is outperformed Sri Lanka in real measured in “real” terms—that per capita growth (on available is, the price/inflation adjusted data, from1980). increase in production. Therefore, Therefore, we classify the “real” measures can be: (i) in claim as FALSE.

LKR: the real per capita GDP Additional Note: This claim growth in Sri Lanka, as reported of the president’s advisor by the CBSL, or (ii) in USD: was situated in the context of the growth in the ability of Sri many more claims about the Lankans to purchase goods in the improvement in other human US (which is the nominal growth development indicators as well. of Sri Lanka’s per capita GDP The present fact-check only converted to USD and adjusted evaluated the claim relating to for inflation in the US). per-capita growth in income

Exhibit 1 shows that what is level. presented as a “massive” increase *Factcheck.lk’s verdict (of 25 times) is an average is based on the most recent increase of 5.2% per year in information that is publicly “nominal” USD terms; and only accessible. As with every fact 1.9% per year in “real” USD check, if new information terms. However, the real growth becomes available, Factcheck. in purchasing-ability in Sri Lanka, lk will revisit the assessment.

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