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In the second quarter of 2020, Sri Lanka's GDP was estimated to have contracted by 16% the biggest quarterly fall on record and expanded by 2% in the third quarter. In the first nine months of the year, GDP was estimated to have contracted 5%. [119] After growing 5.0% in 2015, growth fell to 4% in 2016, 4% in 2017, 3% in 2018 and 2% in 2019. [120]
Map of the world showing national-level sales tax / VAT rates as of October 2019. A comparison of tax rates by countries is difficult and somewhat subjective, as tax laws in most countries are extremely complex and the tax burden falls differently on different groups in each country and sub-national unit.
Sri Lanka issued its first international sovereign bond in 2007, with high interest rates to incentivise investors. According to commentators, the money was used to fund vanity projects rather than projects of national utility. [40] Sri Lanka's foreign debt increased substantially, going from US$11.3 billion in 2005 to $56.3 billion in 2020. [41]
1 January – The "Clean Sri Lanka" national initiative commences under the patronage of President Anura Kumara Dissanayake. [1]16 January – The government announces an agreement with Chinese state oil company Sinopec valued at $3.7 billion to construct a "state-of-the-art oil refinery" with a capacity of 200,000 barrels in Hambantota.
The following table is the list of the GDP of Malaysian states released by the Department of Statistics Malaysia. [7] [8] Data for 2023 estimates (US$ 1 = MYR 4.56 at 2023 average market exchange rate, [9] international $ (I$) using 2023 PPP conversion factor from World Bank (I$ 1 = MYR1.43) [10])
The tax revenue to GDP ratio is just about 11.6 percent as of 2018, which is one of the lowest rates among the upper-middle income earning countries. [2] At present, the government of Sri Lanka also face major challenges regarding the continuous budget deficits where government expenditures have exceeded the government tax revenue. [3]
August 2019) (Learn how and when to remove this message) The Milanka Price Index was one of the principal stock indices of the Colombo Stock Exchange in Sri Lanka till it was discontinued in January 2013 further to introduction of Standard & Poor's Sri Lanka 20 index.
Executive directors praised Sri Lanka's COVID-19 policy response and vaccination drive, but argued that Sri Lanka's public debt was unsustainable. The executive directors recommended an increase in the income tax rate and value added tax, among other fiscal policy reforms, and cost-recovery energy pricing.