Worker remittances have been growing over time and now play an important role in the country’s international capital flows. They surpassed $7bn in 2014, up from about $2bn in 2006. Despite levelling off in early 2015, they then reached $8.2bn in 2015, which remains a large portfolio for a $75bn economy.
Sri Lanka prospered under its former president, Mahinda Rajapaska, a figure who is credited by many with ending the civil war and practising a highly directed, centralised style of management. During his tenure GDP growth remained high, rising over time and, despite some volatility, stayed positive throughout his administration. Now, the...
Sri Lanka’s debt picture is decidedly mixed. In some ways, the country has been greatly successful in managing its international exposures. Government obligations have fallen significantly, from over 100% of GDP in 2004 to about 74% in 2015.
Billed as a platform for ending corruption and nepotism at the highest levels of government, the presidential elections of January 2015 ended the controversial 10-year executive presidency of Mahinda Rajapaksa. The former president enjoyed enormous popularity in the aftermath of the country’s civil war and during the economic revival that...
Sri Lanka, the “Wonder of Asia”, formerly known as Ceylon, has long served as an important strategic destination in the Indian Ocean, catering to merchants and travellers from South-east Asia, India, the Middle East and East Africa. The island was visited and marvelled at by the likes of Marco Polo, who called it “the finest island of its size...
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