Talk:Economy of Sri Lanka

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Contents

[edit] Standard

I updated economic statistics, but while doing that I noticed this page doesn't seem up to standard, maybe someone with more skill can bring it up to date and on par with Wikipedia standard. CooldogCongo

[edit] Update needed

this needs updating - says "2003 looks to be a promising year" etc . I've added a tag Steve-Ho 15:46, 29 January 2007 (UTC)

[edit] Well cited content being removed

Content cited by washington post is being be removed with a false claim thats its POV. Please at least discuss and come to a consensus with everyone else on the talkpage. Sinhala freedom 01:18, 16 August 2007 (UTC)

Yeah well cited with bullshit and screwy statics. You can say things as your mind desires in Tamil Wikipedia. But at this time you are in the wrong place!! --♪♫ ĽąĦĩŘǔ ♫♪ walkie-talkie 04:56, 16 August 2007 (UTC)
How is cited material of a RS bullshit ? How is this screwy ? Please do not blank cited material. Thanks Watchdogb 00:01, 17 August 2007 (UTC)
The content of your so called RS is totally unrelated with your addition. --♪♫ ĽąĦĩŘǔ ♫♪ walkie-talkie 14:25, 17 August 2007 (UTC)
Please tell me where ? If you can't or don't then you merely blanking content just to be disruptive. Sinhala freedom 14:31, 17 August 2007 (UTC)
You still keep reverting and don't point out what you claim to be false. Sinhala freedom 17:27, 18 August 2007 (UTC)
Reply at Talk:Sri_Lanka#Blanking_by_user_snowolfd4 --♪♫ ĽąĦĩŘǔ ♫♪ walkie-talkie 17:44, 18 August 2007 (UTC)
You haven't replied in either locations. Sinhala freedom 18:12, 18 August 2007 (UTC)
You can't be incorrectly tagging things without give pinpoint reasons of what sentence you have a problem with. Sinhala freedom 21:58, 22 August 2007 (UTC)
I don't understand whats the problem with the content. Its well sourced to reliable sources including washingtonpost and LBO. Btw, snowolfd4 you have never discussed any of your changes here. Sinhala freedom 01:36, 13 October 2007 (UTC)

[edit] Page protected

Since there was never a resolution of this issue, and the months-old edit war has begun anew, I've protected The Wrong Version of this page for 1 week, or until you can come to some agreement. This is not an endorsement of the current version, etc. Please be civil and avoid being needless inflammatory on this page. --Haemo 01:55, 13 October 2007 (UTC)

[edit] History and overview

I created a new section of History and overview in order to separate it from the long lead as well as to move the table of contents up in the article. Is everyone OK with this? Let me know.
Thanks. SWik78 (talk) 18:22, 1 February 2008 (UTC)

[edit] History and overview

Foreign exchange reserves, which fell by 11% in 1999, decreased further in 2000. In response, the government floated the rupee on January 23, 2001. This led to a significant nominal depreciation in 2001, but the rupee has since stabilized and reserves have gradually been replenished.

The year 2003 is poised to be another eventful year for Sri Lanka. Continued peace has allowed further progress on macroeconomic stabilization during the first half of the year. Economic growth has picked up to 5.5% in the first quarter, from 0.5% in the comparable period in 2002. This growth was largely driven by the services sector (particularly telecom and tourism), and the industrial sector posted modest growth. Both exports and imports have risen 13% in the first 4 months. Interest rates are declining. The inflation rate hovers around 9%. External reserves were sufficient to cover 5.1 months of imports. The Colombo Stock Exchange has rebounded to become one of the better performers in the area. The CSE rose 45% in 2002 and hit a record high in June 2003 as business confidence continued to expand. Fortunately, the SARS epidemic did not spread to Sri Lanka, and tourism was not severely affected. Sri Lanka's garment exporters reported a surge in orders, shifted from China due to SARS. On the negative side, in mid-2003 Sri Lanka experienced its worst floods in 50 years, which caused extensive damage in south and southwestern parts of the country. The government is relying on donor funding to reconstruct the flood-damaged areas, avoiding recourse to government finances. The adverse impact from floods on overall growth for 2003 is estimated to be marginal.

Economic recovery is expected to consolidate during the rest of 2003, and GDP growth for the year is predicted at 5.5%, increasing to 6.5% in 2004. All major sectors of the economy are expected to expand. This growth will, however, depend on the continuation of the peace process, policy adjustments (particularly budgetary control), and structural reforms. Recovery in the global economy also is important as well as effective aid utilization. According to the Finance Minister, the fiscal deficit is forecast to decline to 7.5% of GDP in 2003, with the government instituting more controls on fiscal management. Given Sri Lanka's high debt burden (105% of GDP), fiscal consolidation is central to budget planning and macroeconomic programming. Stagnant government revenue, however, remains a big worry in 2003.

The future of Sri Lanka's economic health is uncertain but largely dependent on the continuation of the peace process, political stability, and continued policy reforms--particularly in the area of fiscal discipline and direct management. Implementation of major reforms in the civil service and education sectors and more disciplined spending and improved revenue collection would help generate stronger economic growth. If privatization continues and export orientation strengthens, weaknesses in government will have less impact on growth. Real growth is expected to continue in the 4%-6% range beyond 2003 but may remain below the 8%-9% growth needed to move quickly into the status of a middle-income or newly developed country.

Other challenges include diversification from Sri Lanka's key exports--tea and garments. Garment exports will face increased competition in a quota-free era when the Multi Fiber Arrangement expires in 2005. The future of the tea industry is threatened by a shortage of plantation labor and growing competition. There are new efforts to diversify exports, explore tourism potential, and improve competitiveness. The government has an ambitious information and communications technology strategy to connect and service every corner of the country. This project, if implemented successfully, could change Sri Lanka's economy and social fabric and would take it into the information age. The government hopes to take advantage of Sri Lanka's strategic location on shipping routes, make use of the Indo-Lanka Free Trade Agreement, and sign free trade agreements with other countries to achieve regional trading hub status. If peace returns and all these efforts bear fruit, real growth could be in the 6%-7% range beyond 2004, and will help realize the government's intention of making Sri Lanka the gateway to South Asia.

The service sector is the largest component, accounting for of 54% GDP. In 2003, the service sector continued its strong expansion, fueled primarily by strong growth in telecom and financial services. Public administration and defense expenditures have remained steady. Repatriated earnings of Sri Lankans working abroad continued to be strong. Tourism continues to be a significant contributor to this sector as well, although it has not reached full potential due to continued worries about the conflict. There also is a small but growing information technology sector, especially information technology training and software development and exports.

Manufacturing accounts for about 15.9% of GDP. The textile, apparel, and leather products sector is the largest, accounting for 44% of total industrial output. The second largest industrial sector, at 24% of total manufacturing output, is food, beverages, and tobacco (this sector grew by 4.6% in 2002). The third-largest industrial sector is chemical, petroleum, rubber, and plastic products--16% of output, with 5.7% growth in 2002.

Agriculture has lost its relative importance to the Sri Lankan economy in recent decades. It accounts for 20.1% of GDP and provides employment to 33% of the working population. Rice, the staple cereal, is cultivated extensively. The plantation sector consists of tea, rubber, and coconut; in recent years, the tea crop has made significant contributions to export earnings and saw production increases of about 5% in 2002. Tea prices have continued to decline due to record world tea output in recent years. The construction sector accounts for 7.4% of GDP and mining and quarrying 1.8%. In recent years, the government has eliminated many price controls and quotas, reduced tariff levels, eliminated most foreign exchange controls, and sold more than 55 state-owned companies and 20 estate-holding companies. Colombo boasts one of the most modern stock exchanges in the region, and the Sri Lankan Government offers a range of tax and other incentives to attract potential investors.

I moved this section temporarily. --Lanka07 (talk) 16:51, 29 April 2008 (UTC)

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