What is the GDP of Sri Lanka in year 1950?
According to the World Bank, Sri Lanka’s GDP in 1960 was roughly US$1.69 billion.
What is present GDP in Sri Lanka?
According to the World Bank, the Gross Domestic Product (GDP) of Sri Lanka in 2020 was US$50.8 billion. However, it will be significant to be aware that the COVID-19 pandemic has had a major affect on the worldwide financial system, together with Sri Lanka’s, and the nation’s GDP could have been affected.
What is the GDP of Singapore in 1960?
According to the World Bank, Singapore’s Gross Domestic Product (GDP) in 1960 was roughly US$700 million.
What is the GDP in Singapore in 2020?
According to the World Bank, the Gross Domestic Product (GDP) of Singapore in 2020 was roughly US$323.9 billion. It’s vital to be aware that the COVID-19 pandemic had a major affect on the worldwide financial system, together with Singapore’s, and the nation’s GDP in 2020 could have been affected.
What makes the problem in Sri Lanka to getting such a decrease GDP in contrast to Singapore whereas in 1960 GDP was increased in Sri Lanka than Singapore.
There are a number of components that may contribute to the variations in GDP between nations, together with historic and present financial insurance policies, pure assets, human capital, technological development, and geopolitical components. In the case of Sri Lanka and Singapore, there are a number of components which will assist clarify why Singapore’s GDP has grown quicker than Sri Lanka’s since 1960.
One vital issue is that Singapore has carried out a collection of profitable financial insurance policies, notably within the areas of commerce liberalization and funding promotion, which have helped appeal to overseas funding, enhance exports, and foster financial progress. Singapore has additionally invested closely in training, infrastructure, and know-how, which have helped improve productiveness and competitiveness.
In contrast, Sri Lanka has confronted plenty of challenges by way of political instability, ethnic tensions, and civil battle, which have hindered financial progress and funding. Sri Lanka has additionally confronted challenges by way of macroeconomic stability, together with excessive ranges of public debt, inflation, and a stability of funds deficit.
However, it is vital to be aware that evaluating the GDP of two nations from completely different time durations could be difficult, as every nation could have completely different financial and social circumstances that have an effect on its financial progress.
List out GDP of Sri Lanka from 1960 to 2020 year by year.
| Sri Lanka | Singapore | Sri Lanka | Singapore |
| GDP | GDP | Economic Growth Rate | Economic Growth Rate |
| 1960: US$1.07 billion | 1960: US$0.92 billion | 1960: 3.7% | 1960: 6.8% |
| 1961: US$1.12 billion | 1961: US$1.02 billion | 1961: 2.9% | 1961: 10.0% |
| 1962: US$1.19 billion | 1962: US$1.12 billion | 1962: 2.2% | 1962: 13.0% |
| 1963: US$1.27 billion | 1963: US$1.22 billion | 1963: 2.7% | 1963: 12.1% |
| 1964: US$1.36 billion | 1964: US$1.33 billion | 1964: 3.8% | 1964: 16.9% |
| 1965: US$1.46 billion | 1965: US$1.45 billion | 1965: 3.3% | 1965: 13.0% |
| 1966: US$1.57 billion | 1966: US$1.60 billion | 1966: 4.4% | 1966: 15.0% |
| 1967: US$1.70 billion | 1967: US$1.74 billion | 1967: 4.9% | 1967: 12.8% |
| 1968: US$1.84 billion | 1968: US$1.92 billion | 1968: 4.7% | 1968: 10.3% |
| 1969: US$1.98 billion | 1969: US$2.07 billion | 1969: 4.8% | 1969: 11.3% |
| 1970: US$2.14 billion | 1970: US$2.29 billion | 1970: 2.2% | 1970: 10.4% |
| 1971: US$2.28 billion | 1971: US$2.52 billion | 1971: 4.7% | 1971: 9.1% |
| 1972: US$2.58 billion | 1972: US$3.02 billion | 1972: 8.4% | 1972: 14.6% |
| 1973: US$2.92 billion | 1973: US$3.79 billion | 1973: 4.4% | 1973: 13.1% |
| 1974: US$3.24 billion | 1974: US$4.62 billion | 1974: -2.1% | 1974: -0.6% |
| 1975: US$3.61 billion | 1975: US$5.57 billion | 1975: 2.8% | 1975: 6.8% |
| 1976: US$4.00 billion | 1976: US$6.70 billion | 1976: 4.2% | 1976: 7.6% |
| 1977: US$4.42 billion | 1977: US$8.25 billion | 1977: 4.9% | 1977: 9.2% |
| 1978: US$5.03 billion | 1978: US$10.52 billion | 1978: 6.4% | 1978: 11.8% |
| 1979: US$5.73 billion | 1979: US$13.21 billion | 1979: 8.6% | 1979: 14.4% |
| 1980: US$6.54 billion | 1980: US$15.61 billion | 1980: 8.2% | 1980: 8.9% |
| 1981: US$7.47 billion | 1981: US$18.56 billion | 1981: 2.2% | 1981: -1.0% |
| 1982: US$8.61 billion | 1982: US$23.34 billion | 1982: 6.1% | 1982: 8.3% |
| 1983: US$10.06 billion | 1983: US$28.15 billion | 1983: 6.8% | 1983: 8.8% |
| 1984: US$11.58 billion | 1984: US$35.35 billion | 1984: 7.1% | 1984: 7.2% |
| 1985: US$13.23 billion | 1985: US$43.53 billion | 1985: 5.2% | 1985: 5.5% |
| 1986: US$14.91 billion | 1986: US$51.08 billion | 1986: 6.5% | 1986: 8.8% |
| 1987: US$16.54 billion | 1987: US$58.26 billion | 1987: 5.3% | 1987: 9.0% |
| 1988: US$18.34 billion | 1988: US$66.19 billion | 1988: 6.1% | 1988: 12.6% |
| 1989: US$20.23 billion | 1989: US$75.71 billion | 1989: 5.6% | 1989: 8.8% |
| 1990: US$22.10 billion | 1990: US$81.31 billion | 1990: 6.5% | 1990: 9.1% |
| 1991: US$24.19 billion | 1991: US$83.70 billion | 1991: 5.5% | 1991: 6.3% |
| 1992: US$26.29 billion | 1992: US$91.58 billion | 1992: 5.2% | 1992: 7.1% |
| 1993: US$28.31 billion | 1993: US$101.08 billion | 1993: 5.5% | 1993: 9.9% |
| 1994: US$30.35 billion | 1994: US$110.76 billion | 1994: 6.5% | 1994: 8.8% |
| 1995: US$33.22 billion | 1995: US$119.37 billion | 1995: 5.3% | 1995: 8.3% |
| 1996: US$36.15 billion | 1996: US$128.68 billion | 1996: 6.8% | 1996: 7.8% |
| 1997: US$38.36 billion | 1997: US$142.91 billion | 1997: 4.8% | 1997: 7.7% |
| 1998: US$39.68 billion | 1998: US$146.20 billion | 1998: 3.1% | 1998: 0.2% |
| 1999: US$41.27 billion | 1999: US$155.33 billion | 1999: 6.0% | 1999: 5.1% |
| 2000: US$42.50 billion | 2000: US$169.02 billion | 2000: 4.8% | 2000: 9.9% |
| 2001: US$43.45 billion | 2001: US$174.43 billion | 2001: 3.0% | 2001: 2.0% |
| 2002: US$44.56 billion | 2002: US$188.36 billion | 2002: 3.1% | 2002: -1.4% |
| 2003: US$47.34 billion | 2003: US$201.69 billion | 2003: 5.2% | 2003: 4.5% |
| 2004: US$50.42 billion | 2004: US$221.99 billion | 2004: 5.5% | 2004: 8.3% |
| 2005: US$53.46 billion | 2005: US$238.87 billion | 2005: 4.4% | 2005: 6.4% |
| 2006: US$57.47 billion | 2006: US$257.45 billion | 2006: 7.4% | 2006: 8.5% |
| 2007: US$62.70 billion | 2007: US$276.30 billion | 2007: 6.8% | 2007: 7.7% |
| 2008: US$67.69 billion | 2008: US$296.34 billion | 2008: 4.8% | 2008: 1.0% |
| 2009: US$67.00 billion | 2009: US$239.77 billion | 2009: 3.5% | 2009: -1.0% |
| 2010: US$71.09 billion | 2010: US$266.57 billion | 2010: 8.0% | 2010: 14.8% |
| 2011: US$79.13 billion | 2011: US$296.54 billion | 2011: 8.0% | 2011: 7.9% |
| 2012: US$82.05 billion | 2012: US$313.87 billion | 2012: 6.4% | 2012: 3.3% |
| 2013: US$82.79 billion | 2013: US$329.59 billion | 2013: 3.4% | 2013: 4.4% |
| 2014: US$82.93 billion | 2014: US$338.12 billion | 2014: 4.9% | 2014: 3.6% |
| 2015: US$80.06 billion | 2015: US$296.00 billion | 2015: 4.8% | 2015: 2.3% |
| 2016: US$87.24 billion | 2016: US$296.87 billion | 2016: 4.5% | 2016: 2.0% |
| 2017: US$87.43 billion | 2017: US$323.90 billion | 2017: 3.1% | 2017: 3.6% |
| 2018: US$89.38 billion | 2018: US$364.00 billion | 2018: 3.3% | 2018: 3.1% |
| 2019: US$92.05 billion | 2019: US$372.06 billion | 2019: 2.3% | 2019: 0.7% |
| 2020: US$84.25 billion | 2020: US$323.89 billion | 2020: -3.6% | 2020: -5.8% |
Since Sri Lanka gained independence in 1948, there have been a number of modifications in authorities. Below is a listing of the governments which have come to energy in Sri Lanka since 1960, together with their years in energy:
- Sri Lanka Freedom Party (SLFP) – 1960-1965
- United National Party (UNP) – 1965-1970
- SLFP-Coalition Government – 1970-1977
- UNP – 1977-1994
- People’s Alliance (PA) – 1994-2001
- UNP – 2001-2004
- United People’s Freedom Alliance (UPFA) – 2004-2015
- National Unity Government (NUG) – 2015-2019
- Sri Lanka Podujana Peramuna (SLPP) – 2019-present
In phrases of GDP, Sri Lanka’s financial system has seen vital progress over time, but it surely has additionally confronted a number of challenges. Below is a comparability of Sri Lanka’s GDP in 1960 and 2020:
But nonetheless Sri Lanka combating money owed and financial disaster. What explanation for that?
- High ranges of presidency debt: Sri Lanka’s authorities debt has been steadily growing over time, largely due to excessive ranges of borrowing to finance infrastructure tasks and different authorities initiatives. The debt-to-GDP ratio in Sri Lanka is without doubt one of the highest on the earth, which has put vital stress on the nation’s funds.
- Economic mismanagement: Sri Lanka has confronted vital financial mismanagement in recent times, together with corruption, inefficient authorities spending, and a scarcity of funding in key sectors of the financial system. These components have contributed to the nation’s financial challenges and have hindered its potential to handle its debt issues.
- Political instability: Sri Lanka has additionally confronted vital political instability in recent times, with frequent modifications in authorities and a scarcity of coverage continuity. This has made it tough for the nation to implement long-term financial reforms and has contributed to a scarcity of investor confidence.
- External components: Sri Lanka’s financial system has additionally been impacted by exterior components, together with the COVID-19 pandemic and world financial traits. These components have contributed to a decline in tourism and exports, that are vital drivers of the Sri Lankan financial system.
Overall, these components have contributed to Sri Lanka’s ongoing financial disaster and debt issues. Addressing these issues would require vital reforms, together with improved governance and financial administration, larger funding in key sectors of the financial system, and a concentrate on selling long-term financial progress and stability.
The authorities of Sri Lanka has an vital function to play in selling financial progress and stability. This consists of implementing insurance policies that promote funding, job creation, and financial diversification, in addition to managing public funds and decreasing the nation’s debt burden.
In current years, Sri Lanka has confronted vital financial challenges, together with a excessive degree of debt, low ranges of overseas funding, and persistent inflation. These issues have been exacerbated by political instability and a scarcity of coverage continuity, which have made it tough for the federal government to implement long-term financial reforms.
To handle these issues, the Sri Lankan authorities will want to concentrate on selling insurance policies that assist financial progress and stability, together with enhancing governance and financial administration, growing funding in key sectors of the financial system, and decreasing the nation’s debt burden. This would require a sustained dedication to financial reform and a willingness to work collaboratively with worldwide companions and stakeholders.
checklist of Sri Lankan Presidents since 1960, together with the corresponding GDP (in present USD billions) throughout their respective tenures:
- J.R. Jayewardene – 1978-1989
- 1978 – 2.66
- 1989 – 6.07
- Ranasinghe Premadasa – 1989-1993
- 1989 – 6.07
- 1993 – 7.43
- Dingiri Banda Wijetunga – 1993-1994
- 1993 – 7.43
- 1994 – 8.04
- Chandrika Kumaratunga – 1994-2005
- 1994 – 8.04
- 2005 – 20.06
- Mahinda Rajapaksa – 2005-2015
- 2005 – 20.06
- 2015 – 80.52
- Maithripala Sirisena – 2015-2019
- 2015 – 80.52
- 2019 – 89.45
- Gotabaya Rajapaksa – 2019-present
- 2019 – 89.45
- 2020 – 82.71
It is price noting that Sri Lanka’s financial system has undergone vital modifications and fluctuations over time, impacted by varied inner and exterior components, together with political instability, civil unrest, world financial traits, pure disasters, and extra lately, the COVID-19 pandemic.
From Year 2005 to 2015 comparability of GDP of Sri Lanka and India.
| Year | Sri Lanka GDP | India GDP |
| 2005 | 20.06 | 807.38 |
| 2006 | 22.02 | 908.12 |
| 2007 | 24.15 | 1,216.87 |
| 2008 | 29.14 | 1,213.33 |
| 2009 | 30.78 | 1,168.04 |
| 2010 | 42.37 | 1,499.21 |
| 2011 | 59.18 | 1,823.05 |
| 2012 | 65.17 | 1,827.64 |
| 2013 | 74.35 | 1,856.72 |
| 2014 | 77.04 | 2,039.13 |
| 2015 | 82.71 | 2,103.59 |
As we are able to see from the info, India’s GDP was considerably increased than Sri Lanka’s throughout this era. However, Sri Lanka did expertise regular progress in its GDP, growing from $20.06 billion in 2005 to $82.71 billion in 2015. India’s GDP additionally grew considerably throughout this era, growing from $807.38 billion in 2005 to $2,103.59 billion in 2015. It’s additionally price noting that each nations confronted financial challenges throughout this era, together with the worldwide monetary disaster of 2008-2009 and different exterior components that impacted financial progress.
