Sri Lanka and Pakistan are both developing countries with unique economic challenges and opportunities. While comparing their economies can be insightful, it's important to consider various factors beyond just GDP.
Comparing GDP per Capita
One common metric to assess wealth is GDP per capita. In 2022, Sri Lanka's GDP per capita was estimated at $3,800, while Pakistan's was $1,500. This suggests that Sri Lanka has a higher average income than Pakistan.
Other Economic Indicators
Beyond GDP per capita, other economic indicators can paint a more nuanced picture:
- Human Development Index (HDI): Sri Lanka ranks higher than Pakistan on the HDI, reflecting better access to education, healthcare, and overall well-being.
- Poverty Rate: Sri Lanka has a lower poverty rate than Pakistan, indicating a higher proportion of its population is above the poverty line.
- Debt Levels: Sri Lanka is currently facing a severe debt crisis, which has significantly impacted its economy. Pakistan also has high debt levels, but its situation is not as dire as Sri Lanka's.
Conclusion
Based on available data, Sri Lanka appears to be richer than Pakistan in terms of GDP per capita, HDI, and poverty rate. However, Sri Lanka's current debt crisis significantly affects its economic stability and overall well-being.
