What is economic development in Sri Lanka?
Growth is expected to recover to 3.3 percent in 2021, but the medium-term outlook is clouded by pre-existing macroeconomic weaknesses and the economic scarring from the COVID-19 pandemic. With jobs and earnings lost, poverty is projected to remain above pre-pandemic levels in 2021.
What is the main economic activity in Sri Lanka?
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.
What are the sectors giving more contribution to economic development in Sri Lanka?
This statistic shows the share of economic sectors in the gross domestic product (GDP) in Sri Lanka from 2010 to 2020. In 2020, the share of agriculture in Sri Lanka’s gross domestic product was 8.36 percent, industry contributed approximately 26.25 percent and the services sector contributed about 59.67 percent.
Is Sri Lanka a developed or developing country?
Sri Lanka is a lower-middle-income country with a GDP per capita of USD 3,852 (2019) and a total population of 21.8 million.
What are the 3 main contributing sectors of the Sri Lankan economy?
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.
What type of economic system is Sri Lanka?
Sri Lanka is a mixed economy, in which both the private sector and the state sector engage in the production process. Foreign investments are encouraged and several free zones have been established. The country’s banking system is well developed, so that both foreign and local banks function in the economy.
What economic system should Sri Lanka adopt in order to promote economic advancement?
The transition to a free market economy based on a liberalized trade and exchange rate regime has brought benefits to the Sri Lankan economy.