Editing Economy of Sri Lanka (section)

===Post-civil war period===

Pre-2009, there was a continuing cloud over the economy with the civil war and fighting between the [[Government of Sri Lanka]] and the [[LTTE]]; however, the war ended with a resounding victory for the Sri Lankan Government on 19 May 2009 with the total elimination of the LTTE.{{Citation needed|date=April 2021}}

As the civil war ended in May 2009 the economy started to grow at a higher rate of 8.0% in the year 2010 and reached 9.1% in 2012, mostly due to the boom in non-tradable sectors; however, the boom did not last and the GDP growth for 2013 fell to 3.4% in 2013, and only slightly recovered to 4.5% in 2014.<ref>{{cite web|url=https://2009-2017.state.gov/r/pa/ei/bgn/5249.htm|title=Background Note: Sri Lanka->section "Economy"|publisher=US State Department}}</ref><ref>{{Cite web|url=http://data.worldbank.org/indicator/NY.GDP.MKTP.KD.ZG/lk-8S?display=graph|title=GDP growth (annual %) {{!}} Data {{!}} Graph|publisher=The World Bank.|access-date=26 June 2016}} {{Dead link|date=August 2018 |bot=InternetArchiveBot |fix-attempted=yes }}</ref><ref>{{Cite news |url=http://www.ft.lk/article/77212/Sri-Lanka-s-post-war-economic-miracle-turns-sour|title=Sri Lanka's post-war economic miracle turns sour!|publisher=Da|access-date=26 June 2016}}</ref><ref>{{Cite web|url=https://thecurionomist.wordpress.com/2014/05/04/construction-bias-in-sri-lankas-recent-growth/|title=Construction Bias in Sri Lanka's Recent Growth|last=thecurionomist|date=4 May 2014|publisher=The Curionomist|access-date=26 June 2016}}</ref>

According to government policies and economic reforms stated by Prime Minister and Minister of National Policy and Economic Affairs [[Ranil Wickremesinghe]], Sri Lanka plans to create [[Western Region Megapolis]] a [[Megalopolis (city type)|Megapolis]] in the western province to promote economic growth. The creation of several business and technology development areas island-wide specialised in various sectors, as well as tourism zones, are also being planned.<ref>{{Cite news|title = Economic Policy Statement made by Prime Minister, Ranil Wickremesinghe in Parliament|url = http://www.news.lk/fetures/item/10674-economic-policy-statement-made-by-prime-minister-ranil-wickremesinghe-in-parliament|publisher = news.lk|access-date = 17 November 2015|archive-date = 22 April 2019|archive-url = https://web.archive.org/web/20190422111151/https://www.news.lk/fetures/item/10674-economic-policy-statement-made-by-prime-minister-ranil-wickremesinghe-in-parliament|url-status = dead}}</ref><ref name="Daily News 2015-11-16">{{cite news |title=Govt pushing for GSP+, TPP membership – Dr. Harsha |newspaper=Daily News |url=http://www.dailynews.lk/?q=2015/11/16/business/govt-pushing-gsp-tpp-membership-dr-harsha |access-date=17 November 2015}}</ref><ref name="Sunday Times 2015-11-15">{{cite news |author=S. Rubatheesan |date=15 November 2015 |title = EU delegation to meet Ranil before taking decision on ban on Sri Lankan fish products |newspaper=The Sunday Times Sri Lanka |url = http://www.sundaytimes.lk/151115/news/eu-delegation-to-meet-ranil-before-taking-decision-on-ban-on-sri-lankan-fish-products-171822.html |access-date = 17 November 2015}}</ref><ref>{{Cite web|url=https://archives.sundayobserver.lk/2016/02/28/new40.asp|title=Sri Lanka to join Trans-Pacific Partnership? |newspaper=Sunday Observer |access-date=22 April 2016|url-status=live|archive-url=https://web.archive.org/web/20160302164906/http://www.sundayobserver.lk/2016/02/28/new40.asp|archive-date=2 March 2016|df=dmy-all}}</ref> In the mid to late 2010s, Sri Lanka faced a danger of falling into economic malaise, with increasing debt levels and a political crisis which saw the country's debt rating being dropped.<ref>{{cite news|url=https://www.ft.com/content/5c9dade6-f767-11e8-af46-2022a0b02a6c |archive-url=https://ghostarchive.org/archive/20221210/https://www.ft.com/content/5c9dade6-f767-11e8-af46-2022a0b02a6c |archive-date=10 December 2022 |url-access=subscription |url-status=live|title=S&P, Fitch downgrade Sri Lanka's debt rating amid political crisis|website=Financial Times|date=4 December 2018 |language=en-GB|access-date=2018-12-22}}</ref>
In 2016 the government succeeded in lifting an EU ban on Sri Lankan fish products which resulted in fish exports to EU rising by 200% and in 2017 improving human rights conditions resulted in the European Commission proposing to restore GSP plus facility to Sri Lanka.<ref name="Daily News 2015-11-16" /><ref name="Sunday Times 2015-11-15" /><ref>{{cite news|url=http://www.dailymirror.lk/article/European-Commission-proposes-GSP-Plus-to-SL-122058.html|title=European Commission proposes GSP Plus to SL|access-date=12 January 2017}}</ref><ref>{{cite news|url=http://www.dailymirror.lk/108463/EU-lifts-fish-ban-on-Sri-Lanka|title=EU lifts fish ban on Sri Lanka|access-date=12 January 2017}}</ref> Sri Lanka's tax revenues per GDP also increased from 10% in 2014, which was the lowest in nearly two decades to 12.3% in 2015.<ref>{{cite web|title=Tax revenue (% of GDP) Sri Lanka|url=https://data.worldbank.org/indicator/GC.TAX.TOTL.GD.ZS?locations=LK|publisher=The World Bank|access-date=8 November 2017}}</ref> Despite reforms, Sri Lanka was listed among countries with the highest risk for investors by Bloomberg.<ref>{{cite news|url=http://www.dailymirror.lk/article/Bloomberg-ranks-Sri-Lanka-among-highest-risk-countries-for-investors-122610.html|title=Bloomberg ranks Sri Lanka among highest risk countries for investors|access-date=24 September 2017}}</ref> Growth also further slowed to 3.3% in 2018 and 2.3% in 2019.<ref>{{cite web |url=http://www.statistics.gov.lk/NationalAccounts/StaticalInformation/Reports/ts_annual_constant |title= Annual Gross Value added at Constant Prices |publisher=[[Department of Census and Statistics Sri Lanka]] |website=statistics.gov.lk |access-date=4 December 2020}}</ref> The rupee fell from 131 to the US dollar to 182 from 2015 to 2019, inflating foreign debt and slowing domestic consumption ending a period of relative stability.<ref>{{cite news|url=https://www.reuters.com/article/sri-lanka-forex/sri-lankan-rupee-closes-near-record-low-idUSL4N1WB3AY |title= Sri Lankan rupee closes near record low |newspaper=[[Reuters]]|access-date=3 December 2020}}</ref> China became a top creditor to Sri Lanka over the last decade, overtaking Japan and the World Bank.<ref>{{cite news|url=https://economynext.com/china-overtakes-japan-world-bank-as-key-sri-lanka-creditor-71001/|title=China overtakes Japan, World Bank as key Sri Lanka creditor|newspaper=[[EconomyNext]]|access-date=4 December 2020}}</ref>

The main economic sectors of the country are [[tourism]], [[Tea Industry of Sri Lanka|tea export]], [[Apparel industry|apparel]], [[Apparel industry of Sri Lanka|textile]], [[Rice|rice production]] and other [[Agriculture in Sri Lanka|agricultural products]]. In addition to these economic sectors, overseas employment contributes highly to foreign exchange.<ref>{{Cite web|title=What are the main contributing sectors of Sri Lankan economy?|url=https://lmd.lk/what-are-the-main-contributing-sectors-of-sri-lankas-economy/|access-date=2020-12-01|website=lmd.lk|date=8 September 2017 }}</ref>

[[File:Sri Lanka bonds.webp|thumb|300px|Sri Lanka bonds spiked in 2022 <br /> [[Inverted yield curve]] in the first half of 2022
{{legend-line|#FFBE29 solid 3px|15 year bonds}}
{{legend-line|#EB7400 solid 3px|10 year bonds}}
{{legend-line|#00534E solid 3px|5 year bonds}}
{{legend-line|#8D153A solid 3px|1 year bonds}}
{{legend-line|#000000 solid 3px|6 month bonds}}
]]
[[File:USD to Sri Lankan Rupee Exchange Rate.webp|thumb|300px|[[United States dollar|USD]] / [[Sri Lankan rupee|Sri Lankan Rupee]] [[exchange rate]].<br />In early March 2022, the Sri Lankan Rupee began losing value quickly.]]

As of the early 2020s, the debt-laden country is undergoing an [[2019–present Sri Lankan economic crisis|economic crisis]] where locals are experiencing months of shortages of food, fuel and electricity. Inflation has peaked at 57% according to official data.<ref name=":1" /> In April 2022, Sri Lanka declared a [[Sri Lanka sovereign default|sovereign default]].<ref>{{cite web|website=[[EconomyNext]]|date=2022-04-12|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/}}</ref> In June 2022, Prime Minister [[Ranil Wickremesinghe]] declared in parliament the collapse of the Sri Lankan economy, leaving it unable to pay for essentials.<ref>{{Cite web |title=Sri Lanka's PM says its debt-laden economy has 'collapsed' |url=https://news.sky.com/story/sri-lankas-pm-says-its-debt-laden-economy-has-collapsed-12638329 |access-date=2022-06-22 |work=Sky News  }}</ref>