Vision 2025 (Sri Lanka)

Vision 2021 envisions Sri Lanka as a rich country by 2025. It intends to transform Sri Lanka into the hub of the Indian Ocean, with a knowledge-based and highly competitive social market economy, as well as to create an environment where all citizens have the opportunity to achieve higher incomes and better standards of living. To achieve this, Sri Lanka aims to create the conditions which will generate economic growth with equity. The document notes that structural transformation necessary to achieve this vision is currently underway. Sri Lanka aims to position as an export-oriented economic hub at the center of the Indian Ocean. Nevertheless, it recognizes the fundamental reality that Sri Lanka has a domestic market of only 20 million consumers with a modest per capita income, and must rely on external demand for sustained, high and long-term growth. This outward-looking approach will hopefully increase the efficiency of the domestic economy and contribute to a better life for all Sri Lankans. It notes several constraints to growth namely that economic growth has exhibited notable structural failings, export performance has been weak, public finances have been a constraint on growth, and that growth is also hampered by regulatory barriers. The document envisions a three-year delivery program, with a comprehensive economic strategy to address constraints to growth.