SRI LANKA

Growing with difficulties

D4

High RISK for enterprise

  • Economic risk

  • Business environment risk

  • Political risk

  • Commercial risk

  • Financing risk

  • Economic risk

  • Business environment risk

  • Political risk

  • Commercial risk

  • Financing risk

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GDP
USD80,7bn (World ranking 66, World Bank 2020)
Population
21,9mn (World ranking 57, World Bank 2020)
Form of state Republic
Head of state Gotabaya Rajapaksa  (President)
Next elections 2024, Presidential
  • Growing tourism revenues
  • Economic policies broadly supportive of business and economic growth
  • Increasing workers’ remittances
  • Strategic location for trade
  • Fragile external position and weak public finances
  • Fractured nature of the political system, with generally weak coalition governments
  • Vulnerability of export base (highly depending on textiles and clothing)
  • Vulnerability to climate and natural disasters
  • Ethnic tensions remain a threat to stability and growth prospects

Trade structure by destination/origin

(% of total, 2020)

Exports Rank Imports
United States 24.8%
1
22.9% China
United Kingdom 8.9%
2
19.3% India
India 6.1%
3
5.7% United Arab Emirates
Germany 5.7%
4
4.1% Malaysia
Italy 4.5%
5
4.0% Singapore

Trade structure by product

(% of total, 2020)

Exports Rank Imports
Articles of apparel & clothing accessories 42.5%
1
14.5% Textile yarn and related products
Coffee, tea, cocoa, spices, and manufactures thereof 15.6%
2
10.3% Petroleum, petroleum products and related materials
Rubber manufactures, n.e.s. 5.3%
3
4.0% Iron and steel
Textile yarn and related products 4.3%
4
3.7% Electrical machinery, apparatus and appliances, n.e.s.
Vegetables and fruits 4.0%
5
3.6% Road vehicles
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