Place Credit Reports Sri Lanka Order
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Economy Overview:
In 1977, Colombo abandoned statist economic policies and its import
substitution trade policy for market-oriented policies and
export-oriented trade. Sri Lanka's most dynamic sectors now are food
processing, textiles and apparel, food and beverages,
telecommunications, and insurance and banking. In 2003, plantation crops
made up only 15% of exports (compared with 93% in 1970), while textiles
and garments accounted for 63%. GDP grew at an average annual rate of
about 5.5% in the 1990s, but 2001 saw the first contraction in the
country's history, by 1.4%, due to a combination of power shortages,
severe budgetary problems, the global slowdown, and continuing civil
strife. Growth recovered to 5% between 2002 and 2005. About 800,000 Sri
Lankans work abroad, 90% in the Middle East. They send home about $1
billion a year. The struggle by the Tamil Tigers of the north and east
for a largely independent homeland continues to cast a shadow over the
economy. In late December 2004, a major tsunami took about 31,000 lives,
left more than 6,300 missing and 443,000 displaced, and destroyed an
estimated $1.5 billion worth of property.
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