The Institute of Policy Studies of Sri Lanka (IPS) has been publishing the State of the Economy report since 1992 with a complementary theme selected each year. The report provides an assessment of Sri Lanka’s economic performance in 2008/09 and comments on the outlook in the context of developments in the global economy. The 2009 report focuses on the “Global Economic Crisis: Issues, Impacts and Outlook”. It examines the path of the current global economic crisis, the impacts that have been visible in Sri Lanka, and discusses policy concerns that need to be addressed to mitigate downside effects.