https://techcelerate.venturesSri Lanka has seen a discernible slowdown in economic growth owing to a multitude of domestic and external factors. With the country’s rise into the Upper-Middle Income threshold (as defined by the World Bank), it is imperative that the country unlocks economic growth through carefully designed and implemented reforms. Unless this is done, Sri Lanka risks being caught in the middle-income trap.It is with the intention of proposing to policymakers, interventions that are identified from a private sector perspective that the Ceylon Chamber set about formulating an Economic Development Framework targeting the 2020-25 period.
Framework
Acceleration
Economic
Sri Lanka
2020-25
Working Draft
SRI LANKA ECONOMIC ACCELERATION FRAMEWORK 2020-25 | 1
Background:
Sri Lanka has seen a discernible
slowdown in economic growth
owing to a multitude of domestic
and external factors. With the
country ’s rise into the Upper-Middle
Income threshold (as defined by
the World Bank), it is imperative
that the country unlocks economic
growth through carefully designed
and implemented reforms. Unless
this is done, Sri Lanka risks being
caught in the middle-income trap.
It is with the intention of proposing
to policymakers, interventions that
are identified from a private sector
perspective that the
Ceylon Chamber set about
formulating an Economic
Development Framework
targeting the 2020-25 period.
The Chamber set up eighteen
(18) Working Groups to obtain
inputs to formulate the Framework.
The common and cross-cutting
recommendations from these groups
can be found in the pages that
follow. The detailed input which
consists of policy intervention,
implementation mechanism and
targets are found in the respective
Working Group chapters.
“It is imperative
that the country
unlocks
economic
growth through
carefully
designed and
implemented
reforms”
Accelerating
Sri Lanka’s
Economic
Trajectory
2
| WORKING DRAFT
THE
VISION
The vision espoused in our document is for an economy that will
be USD 134 billion by 2025 from the current (2018) USD 89
billion. For this to vision to be a reality, our expectation is for GDP
to steadily rise from the current 3% levels to 5%-6% in the next few
years. With this stronger base, we anticipate growth to then take
off to 7-8% levels by 2025. The growth is expected to be driven
via sectors such as exports (merchandise goods and services),
tourism and transportation and logistics amongst others.
SRI LANKA ECONOMIC ACCELERATION FRAMEWORK 2020-25 | 3
2025
134
USD BN
2018
89
USD BN
nominal GDP
nominal GDP
6.8%
Average Real
gdp growth
2020 - 2025
A USD 134
Billion
Economy
by 2025
4
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