Country Profile

Sri Lanka, the “Wonder of Asia”, formerly known as Ceylon, has long served as an important strategic destination in the Indian Ocean, catering to merchants and travellers from South-east Asia, India, the Middle East and East Africa.




Sri Lanka is a lower middle-income country with a total population of 21.0 million people and a per capita income of USD 3,924 in 2015.

Following a 30 year civil war that ended in 2009, Sri Lanka’s economy has grown at an average 6.4 percent between 2010-2015, reflecting a peace dividend and a determined policy thrust towards reconstruction and growth.
Sri Lanka’s economy transitioned from a previously predominantly rural-based agriculture economy towards a more urbanized economy driven by services. In 2015, the service sector accounted for 62.4 percent of Gross Domestic Product (GDP), followed by manufacturing (28.9 percent), and agriculture (8.7 percent).

Sri Lanka ranked 73rdin Human Development Index in 2015 and has comfortably surpassed most of the MDG targets set for 2015.

Strong economic growth in the last decade has led to improved shared prosperity and an important decline in poverty. Extreme poverty remains low, as the $1.90 (PPP 2011) poverty rate fell half a percentage point, from 2.4 to 1.9 percent between 2009/10 and 2012/13.

On income inequality, Sri Lanka’s Gini coefficient, a measure of the deviation of the distribution of income amongst individuals and households, is at 36.4, ranked 73rd in the world and above neighboring India and Pakistan.
With diverse destination offerings, including beaches, mountain plateaus and ancient cities, the post-civil war era has brought about a surge in tourist numbers to the country.

The country is governed by a constitution, ratified in 1978 and amended on other occasions, with the most recent being in 2015. Well- contested elections have resulted in several orderly changes in power since induction, largely considered to be free and fair.

Sources:
World Bank Country Overview - Visit http://bit.ly/1lLPnww for more information 
Oxford Business Group, The Report: Sri Lanka 2016 - Visit http://bit.ly/2loEKXy for more information

 

 



 


 

 
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