Overview of Colombo

Economy of Colombo

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Economy of Sri Lanka

Amongst the South Asian nations, Sri Lanka has shown great development, especially in its improvement of social indicators. It has been noted that after the Civil War ended, there was an annual economic growth rate of 6.2 %, which slowed down somewhat in recent years. Several industries arose in this period. Tourism, tea, apparel & textile, rubber, coconut, and tobacco are some of the important ones. Trade has always been a major economic contributor for Sri Lanka, with exports and imports together making up 51% of the GDP.

Economy of Colombo

Colombo is the throbbing heart of the Sri Lankan economy. Its skyline is changing fast with the development of infrastructure and buildings to accommodate industrial growth. For example, the Twin Tower World Trade Centre, with 40 storeys, is located in the Fort area of Colombo. It is South Asia's second tallest building.

28% of the total populace of Sri Lanka live and work in Colombo. Since it is this city which also contributes 50% of the country's total GDP, it makes sense to build it optimally to get greater returns. Some problems like flooding, poor drainage, improper sewerage are a bane to this city's growth and need to be tackled immediately. If such issues are resolved, Colombo would, indeed, become a world-class commercial hub, giving the Sri Lankans higher economic benefits.

Update 22/07/2018

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