Sri Lanka, the â€śWonder of Asiaâ€ť, formerly known as Ceylon, has long served as an important strategic destination in the Indian Ocean, catering to merchants and travelers from South-east Asia, India, the Middle East and East Africa.
Following a 25-year-long civil war that ended in 2009, Sri Lankaâ€™s economy grew at an average of 6.4 percent between 2010-2015, reflecting a peace dividend and a determined policy thrust towards reconstruction and growth. Sri Lankaâ€™s economy has transitioned from a predominantly rural, agricultural economy towards a more urbanized economy driven by services.
Strong economic growth in the last decade has led to improved shared prosperity and an important decline in poverty. Extreme poverty remains low, as theÂ $1.90 (PPP 2011) poverty rate fell half a percentage point, from 2.4 to 1.9 percent between 2009/10 and 2012/13. The real per capita consumption of the bottom 40 percent increased 2.2 percent annually between 2006/07 and 2012/13, and improved living standards are reflected in rising asset ownership,Â declining shares of food consumption, and a rise in reported household per capita income among the poor.
Source: The World Bank GroupÂ
Poised For a Renewed Drive of DevelopmentÂ
Sri Lanka envisions to create a globally competitive, export-led economy driven by revolutionary thinking, bold policies and initiatives that would transform the country into a vibrant and prosperous nation. The government is presently focused on delivering a set of economic reforms focused on creating multifaceted economic linkages to global supply chains and a planned increase in trade development. Plans are in motion toÂ transform Sri Lanka into a strategically important economic centre by developing five strategic hubs; a knowledge hub, a commercial hub, a naval & maritime hub, an aviation hub, and an energy hub, taking advantage of Sri Lanka’s strategic location & resources.