The Sri Lankan economy has achieved significant progress over the past eight years and has embarked on a high-growth trajectory, recording an annual average growth rate of about 6.7% during this period, with a post-conflict economic growth of about 7.5% since 2009. Accordingly, the country’s gross domestic product (GDP) has reached $67bn, with a per capita GDP of $3282 in 2013.
Going forward, an encouraging medium-term macroeconomic framework is in place, envisaging annual real GDP growth of more than 7.5%. In line with the government’s medium-term macro policy framework, per capita income is estimated to surpass $4000 by 2016, putting the economy into the upper middle-income category. The country's overall GDP is expected to reach $100bn. Innovation and dynamism generated through the new development model – which exploits the geographical and comparative advantage that Sri Lanka’s economy enjoys – will bring about steady progress and avoid a possible ‘middle-income trap’ beyond 2016. We will reach an income per capita of $7000 by 2020.
