Editing Economy of Sri Lanka (section)

==Overview==
Services accounted for 58.2% of Sri Lanka's economy in 2019 up from 54.6% in 2010, industry 27.4% up from 26.4% a decade earlier and agriculture 7.4%.<ref name="GDPshare">{{cite web |title=Sri Lanka annual GDP at current prices and GDP shares |url=http://www.statistics.gov.lk/NationalAccounts/StaticalInformation/Reports/ts_annual_current |website=www.census.gov.lk |publisher=Department of Census and Statistics |access-date=8 February 2021}}</ref> Though there is a competitive export agricultural sector, technological advances have been slow to enter the protected domestic sector.<ref>{{cite web |title=Box Story - Adoption of Modern Technologies in Agriculture - Box Story 04, Central Bank Annual Report 2019 |url=https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/publications/annual_report/2019/en/13_Box_04.pdf |website=www.cbsl.gov.lk |publisher=Central Bank of Sri Lanka |access-date=8 February 2021}}</ref> Sri Lanka is the largest solid and industrial tyres manufacturing centre in the world and has an apparel sector which is moving up the value chain.<ref>{{cite web |title=Solid Tyres from Sri Lanka |url=https://www.srilankabusiness.com/rubber/solid-tyres.html |website=www.srilankabusiness.com |publisher=Sri Lanka Export Development Board |access-date=8 February 2021}}</ref> But rising trade protection over the past decade has also caused concern over the resurgence of inward-looking policies.<ref>{{cite web |last1=Athukorale |first1=Prema-chandra |title=Sri Lanka's Trade Policy: Reverting to Dirigisme? |url=https://acde.crawford.anu.edu.au/sites/default/files/publication/acde_crawford_anu_edu_au/2016-10/wp_econ_2012_14_athukorala.pdf |archive-url=https://web.archive.org/web/20180424160354/https://acde.crawford.anu.edu.au/sites/default/files/publication/acde_crawford_anu_edu_au/2016-10/wp_econ_2012_14_athukorala.pdf |url-status=live |archive-date=24 April 2018 |website=acde.crawford.anu.edu.au |publisher=Crawford School of Public Policy ANU College of Asia and the Pacific |access-date=8 February 2021 }}</ref>

In services, ports and airports generate income for the country's newfound status as a shipping and aviation hub.<ref>{{cite web |title=The importance of Air Transport to Sri Lanka - IATA |url=https://www.iata.org/en/iata-repository/publications/economic-reports/sri-lanka--value-of-aviation/. |website=www.iata.org |publisher=International Air Transport Association |access-date=8 February 2021 |archive-date=14 February 2021 |archive-url=https://web.archive.org/web/20210214102037/https://www.iata.org/en/iata-repository/publications/economic-reports/sri-lanka--value-of-aviation/ |url-status=dead }}</ref> [[Port of Colombo]] is the largest transhipment hub in South Asia.<ref>{{cite news |title=Sri Lanka's Colombo port could expand to a full maritime hub with policy changes |url=https://economynext.com/sri-lankas-colombo-port-could-expand-to-full-maritime-hub-with-policy-changes-industry-expert-70166/ |access-date=8 February 2021 |newspaper =[[EconomyNext]] |date=20 May 2020}}</ref> There is a growing software and information technology sector, which is competitive and is open to global competition.<ref>{{cite web |title=ICT/BPM in Sri Lanka - Asian Development Bank |url=https://www.adb.org/sites/default/files/project-documents/49273/49273-001-tacr-en_1.pdf |archive-url=https://web.archive.org/web/20201022145016/https://www.adb.org/sites/default/files/project-documents/49273/49273-001-tacr-en_1.pdf |url-status=live |archive-date=22 October 2020 |website=www.adb.org |publisher=Asian Development Bank |access-date=8 February 2021 }}</ref> Tourism is a fast expanding area. [[Lonely Planet]] named Sri Lanka the best destination to visit in 2019 and [[Travel+Leisure]] the best island.<ref name="LonelySL">{{cite news |title=Sri Lanka still Lonely Planet's top destination for 2019 |url=https://economynext.com/sri-lanka-still-lonely-planets-top-destination-for-2019-14619/ |access-date=8 February 2021 |publisher=[[EconomyNext]] |date=2 July 2019}}</ref><ref name="T+LeiSL">{{cite news |title=Travel and Leisure readers vote Sri Lanka best island in the world |url=https://economynext.com/travel-and-leisure-readers-vote-sri-lanka-best-island-in-the-world-14741/ |access-date=8 February 2021 |publisher=[[EconomyNext]] |date=12 July 2019}}</ref> Sri Lanka's top export destinations are the United States, United Kingdom and India. China, India and the UAE are the main import partners.<ref>{{cite web |title=Central Bank of Sri Lanka 2019 - Statistical Appendix |url=https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/publications/annual_report/2019/en/15_Appendix.pdf |website=cbsl.gov.lk |publisher=Central Bank of Sri Lanka |access-date=8 February 2021}}</ref>

With the onset of the [[COVID-19 pandemic]], lingering concerns over Sri Lanka's slowing growth, money printing and government debt has spilled over into a series of sovereign rating downgrades.<ref name="FitchCCC"/><ref name="MoodysCaa1"/> Import controls and import substitution have intensified after heightened monetary instability coming from debt monetization.<ref>{{cite news |title=Sri Lanka import substitution should be temporary: economist |url=https://economynext.com/sri-lanka-import-substitution-should-be-temporary-economist-74919/ |access-date=8 February 2021 |publisher=8 February 2021 |date=20 October 2020}}</ref><ref>{{cite news |title=Sri Lanka import controls extended, license regime in import substitution drive |url=https://economynext.com/sri-lanka-import-controls-extended-license-regime-in-import-substitution-drive-70281/ |access-date=8 February 2021 |publisher=[[EconomyNext]] |date=23 May 2020}}</ref><ref>{{cite news |title=Money printing to repay debt: Worshipping MMT is likely to magnify economic instability |url=http://www.dailymirror.lk/features/Money-printing-to-repay-debt-Worshipping-MMT-is-likely-to-magnify-economic-instability/185-202687 |access-date=28 December 2020 |work=Daily Mirror Sri Lanka |date=28 December 2021}}</ref><ref>{{cite news |title=A child's guide to modern monetary theory: Keynesianism in an old bottle |url=https://www.colombotelegraph.com/index.php/a-childs-guide-to-modern-monetary-theory-keynesianism-in-an-old-bottle/ |access-date=8 February 2021 |publisher=Colombo Telegraph |date=21 December 2021}}</ref>
Sri Lanka has been named among the top 10 countries in the world in its handling of the COVID-19 pandemic.<ref>{{cite news |title=Sri Lanka tenth best country in handling the Covid-19 pandemic |url=https://economynext.com/sri-lanka-tenth-best-country-in-handling-covid-pandemic-78313/ |access-date=8 February 2021 |publisher=EconomyNext.com |date=28 January 2021}}</ref> In 2021, the [[Government of Sri Lanka|Sri Lankan Government]] officially declared [[Sri Lankan economic crisis (2019–Present)|the worst economic crisis in the country in 73 years]].<ref>{{Cite web|date=2021-04-30|title=Sri Lanka declares worst economic downturn in 73 years|url=https://www.france24.com/en/live-news/20210430-sri-lanka-declares-worst-economic-downturn-in-73-years|access-date=2021-06-27|website=France 24|language=en|archive-date=2021-10-15|archive-url=https://web.archive.org/web/20211015180503/https://www.france24.com/en/live-news/20210430-sri-lanka-declares-worst-economic-downturn-in-73-years|url-status=live}}</ref>  Sri Lanka said most foreign debt repayments had been suspended from April 12, after two years of money printing to support tax cuts, ending an unblemished record of debt service.<ref>{{cite news |title=Sri Lanka halts foreign debt repayments in 'pre-emptive negotiated default' |url=https://economynext.com/sri-lanka-halts-foreign-debt-repayments-in-pre-emptive-negotiated-default-92952/ |access-date=14 April 2022 |publisher=EconomyNext |date=12 April 2022}}</ref>