Accelerating Higher Education Expansion and Development Operation
Sri Lanka is a lower-middle-income country (LMIC) with a per capita income of US$3,900 and a reputation for emphasizing human development and equitable growth. The country is aspiring to become an upper-middle-income country (UMIC) over the medium term. Sri Lanka, with a population of approximately 21 million, experienced impressive growth of about 7 percent per year during 2012–2014, although growth slowed down in 2015 due to the weak global economic conditions. Economic growth is expected to rise over the medium term as the global economy recovers. The Government of Sri Lanka (GoSL) is seeking to transform the country into a UMIC through the development of higher-value-added industries and services, an open and export-oriented economic environment, and the acceleration of human capital development.