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- Economy_of_Sri_Lanka abstract "With an economy worth $80.591 billion (2015) ($233.637 billion PPP estimate), and a per capita GDP of about $11,068.996 (PPP), Sri Lanka has mostly had strong growth rates in recent years until the government toppled early in 2015 where most development projects were stopped abruptly on corruption claims. In GDP per capita terms, it is ahead of other countries in the South Asian region.The main economic sectors of the country are tourism, tea export, apparel, textile, rice production and other agricultural products. In addition to these economic sectors, overseas employment contributes highly in foreign exchange, 90% of expatriate Sri Lankans reside in the Middle East.Since becoming independent from Britain in February 1948, the economy of the country has been affected by natural disasters such as the 2004 Indian Ocean earthquake and a number of insurrections, such as the 1971, the 1987-89 and the 1983-2009 civil war. The parties which ruled the country after 1948 did not implement any national plan or policy on the economy, veering between left and right wing economic practices. The government during 1970-77 period applied pro-left economic policies and practices. Between 1977 and 1994 the country came under UNP rule and between 1994 and 2004 under SLFP rule. Both of these parties applied pro-right policies. In 2001, Sri Lanka faced bankruptcy, with debt reaching 101% of GDP. The impending currency crisis was averted after the country reached a hasty ceasefire agreement with the LTTE and brokered substantial foreign loans. After 2004 the UPFA government has concentrated on mass production of goods for domestic consumption such as rice, grain and other agricultural products.Almost five years after the end of the three-decade civil conflict, Sri Lanka is now focusing on long-term strategic and structural development challenges as it strives to transition to an upper middle income country. Key challenges include ensuring that growth is inclusive, realigning public spending and policy with the needs of a middle income country, ensuring appropriate resource allocations for the various tiers of government, and enhancing the role of the private sector, including provision of appropriate incentives for increasing productivity and exports.The Sri Lankan economy has seen robust annual growth at 6.4 percent over the course of 2003 to 2012, well above its regional peers. Following the end of the civil conflict in May 2009, growth rose initially to 8 percent, largely reflecting a “peace dividend”, and underpinned by strong private consumption and investment. While growth was mostly private sector driven, public investment contributed through large infrastructure investment, including post war reconstruction efforts in the North and Eastern provinces. Growth was around 7 percent in 2013, driven by a rebound in the service sector which accounts for approximately 60 percent of GDP. With nearly 2 million Sri Lankans living abroad, overseas employment has contributed with foreign exchange and remittances in the order of 10 percent of GDP in 2013. Overall, unemployment at 4 percent is low, although youth unemployment (ages 15–24) at around 17.3 percent and low female labor force participation at 30 percent do pose a challenge.Sri Lanka has met the Millennium Development Goal (MDG) target of halving extreme poverty and is on track to meet most of the other MDGs, outperforming other South Asian countries. Whereas South Asia as a whole is on track or an early achiever for nine of the 22 MDG indicators, Sri Lanka manages this for 15 indicators. Among the targets achieved early are those related to universal primary education and gender equality. Sri Lanka is expected to meet the goals of maternal health and HIV/AIDs. Progress on reaching the goals related to malnutrition and child mortality is, however, slower. Indicators are mixed on the environment: while Sri Lanka is an early achiever on indicators of protected area, ozone depleting substance consumption, safe drinking water and basic sanitation, it has stagnated or is slipping backwards on forest cover and CO2 emissions.Sri Lanka experienced a big decline in poverty between 2002 and 2009 – from 23 percent to 9 percent of the population. Despite the very positive story of poverty reduction and shared prosperity, important development challenges remain in Sri Lanka. Pockets of poverty continue to exist, specifically in the districts of Batticaloa (in the Eastern Province), Jaffna (in the Northern Province), Moneragala (in Uva Province) and in the estate sector.An estimated 9 percent of Sri Lankans who are no longer classified as poor live within 20 percent of the poverty line and are, thus, vulnerable to shocks which could cause them to fall back into poverty.The Government strategic vision is laid out in the Mahinda Chintana document of 2010. The strategy describes three clear goals: doubling per capita income through sustained high investment; shifting the structure of the economy; and ensuring inclusive growth, improvement in living standards and social inclusion.Sri Lanka is currently an IDA/IBRD blend country and the World Bank Country Partnership Strategic objectives are aligned to support the country achieve its development goals.The country aspires to achieve the goal of doubling of per capita income to $4,000 by 2016 from an estimated US$3,194 in 2013, but faces three particular macroeconomic challenges. Sustaining an 8 percent-plus annual growth to meet this goal will require:(i) fostering private sector development and greater private investment;(ii) increasing exports to generate jobs and managing the current account deficit; and(iii) further addressing fiscal imbalances and reversing the declining trend in revenue collection.Such growth would need to be driven by a high investment rate of above 40 percent of GDP, which seems ambitious given the country’s 31 percent level in 2013.The second goal is shifting the structure of the economy to be more knowledge-based, globally integrated and competitive, environmentally friendly, internally integrated and increasingly urban. Sri Lanka has a solid base for achieving this goal, with a well educated population and a wealth of environmental assets. Challenges going forward include providing systems and incentives to give the labor force the types of skills needed for a knowledge economy, establishment of economic policies that encourage competitiveness, stronger efforts on environmental sustainability and adaptation to climate change, and modernizing infrastructure systems to integrate the disparate parts of the country and meet the needs of an increasingly urban population.Ensuring improvement in living standards and social inclusion:Thanks to a long history of attention to access to basic services, Sri Lanka excels for its income level on most social indicators. Malnutrition, however, is an exception. As Sri Lanka becomes a middle income country, new challenges are emerging (e.g. a rapidly aging population) and improving the quality of services will be a major issue going forward. While increasing the quality of services, the Mahinda Chintana aims to ensure that benefits are equitably shared across all segments of the population and that social inclusion is a priority.In addition, the World Bank supports the country’s emerging challenges and needs with a combination of technical support, knowledge products relevant to lending and the use of IDA/IBRD lending.Strengthening Sri Lanka’s resilience to natural disasters and climate change has become a priority for the country’s development agenda. Climate-related hazards pose a significant threat to economic and social development in the country. The World Bank Group is well placed to assist Sri Lanka in increasing both its physical and fiscal resilience to climate and disaster risk, through adaptation enhancing investments and a Catastrophe Deferred Draw-Down Option (CAT-DDO) which is a contingent credit line that provides immediate liquidity to IBRD member countries in the aftermath of a natural disaster. A comprehensive program of support in this area is proposed in the upcoming progress report of the Country Partnership Strategy.".
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