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Understanding
economic changes in the economy requires a knowledge of
a wide range of interrelated factors and a perspective on
their developments over time. The Institute of Policy Studies
has constructed an economic and social data base, drawn
from a variety of published sources, to enable the analysis
of these trends. In this regard, we wish to acknowledge
the Central Bank of Sri Lanka and the Department of Census
and Statistics as the primary sources for data on which
the major part of our calculations are based. Some of these
data are presented in the current work.
The aim of this paper is to provide readers
with an overview of the main features of and changes in,
the Sri Lankan economy during the last thirty years. Thus,
the first two chapters set the scene by considering real
growth trends of the Sri Lankan economy as a whole, and
then examining underlying sectoral growth trends. We also
seek to illustrate some important economic relationships
in later chapters, such as the output and expenditure decompositions
of GDP and the link between the current and capital accounts
of the balance of payments. Also considered are developments
in government finance, and the government’s debt position.
Moreover, the paper contains some analysis on long-term
changes in the country’s external debt situation,
developments in external trade, and focuses on movements
in the real exchange rate as one of the main determinants
of export competitiveness. The final chapter analyses Sri
Lanka’s performance in the area of social development
where traditionally the country has outperformed most other
low-income as well as middle-income developing countries.
At a more practical level, the paper seeks
to demonstrate the manner in which the database can be used
to provide insights relating to the long-term performance
of the Sri Lankan economy. Thus, it will be of interest
to policy-makers and students alike. Further details of
the IPS Socio-Economic Database (which may be purchased
on computer diskette) are available from the IPS.
Table of Contents:
- Introduction
- Real Growth in the Sri Lankan Economy
- The Sectoral Composition of GDP
- The Agricultural Sector Industry
- Expenditure Decomposition of GDP
- Savings and Investment
- Government Finance
- Public Debt
- The Balance of Payments
- External Debt
- Macroeconomic Balance
- External Trade
- Sri Lanka’s Competitiveness in the World Economy
- Social Development
- Concluding Note
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