Sri Lanka is an island country located off the southern coast of India. Sri Lanka is surrounded by the Indian Ocean, Gulf of Mannar, the Palk Strait, and lies in the vicinity of India and the Maldives. The geography of Sri Lanka includes coastal plains in the north and hills and mountains in the interior. The government system is a republic; the chief of state and head of government is the president. Sri Lanka has transitioned to a market-orientated economyThe management of money, currency and trade of a nation. The..., but the central government is still involved in economic planning. Sri Lanka is a member of the Asia-Pacific Trade AgreementAn agreement, usually between countries, to limit or change ... (APTA) and the South Asian Association for Regional Cooperation (SAARC).
Sri Lanka continues to experience strong economic growthAn increase in a region's or nation's production of goods an... following the end of the government’s 26-year conflict with the Liberation Tigers of Tamil Eelam. The government has been pursuing large-scale reconstruction and development projects in its efforts to spur growth in war-torn and disadvantaged areas, develop small and medium enterprises, and increase agricultural productivityThe rate at which goods are produced based on how long it ta.... The government’s high debtMoney owed to another person or organisation, such as a loan... payments and bloated civil service have contributed to historically high budgetAllocation of funds or the estimation of costs for a departm... deficits and low taxA fee imposed by a government on personal or corporate incom... revenues remain a concern. Government debtMoney owed to another person or organisation, such as a loan... of about 72% of GDP remains among the highest in emerging markets.
A sharp rise in world petroleum prices combined with economic fallout from the civil war led to inflationNormally referring to the economy of a country, inflation is... that peaked 20%. However, as the civil war ended in May 2009 the economyThe management of money, currency and trade of a nation. The... started to grow at a higher rate of 8.0% in the year 2010 and reached 9.1% in 2012 mostly due to the boom in non-tradable sectors. However the boom didn’t last and the GDP growth for 2013 fell to 3.4% in 2013 and only slighly recovered to 4.5% in 2014.
Important Details
- Country ISO3 : LKA
- Country Code : 144
- Income Group : Lower middle income
- Lending Category : Blend
- Region : South Asia
- Currency Unit: Sri Lankan rupee
- WTO Member : Yes
- TradeThe buying and selling or exchange of goods and services. Th... organisations : SAFTA, WTO
- world rank : 93
- Regional Ranking : 17th in the Asia–Pacific Region
