World Bank boosts Sri Lanka economic forecasts after inflation progress

[hirashgeff]

The World Bank revised up its forecasts for Sri Lanka's economy on Tuesday, noting the crisis-hit nation had made strides in reducing inflation and had benefited from tourism revenue as well as an appreciation in its currency.​

The bank now expects the economy to expand 1.7% in 2024, up from an earlier forecast of 1%. It also said the economy is likely to shrink 3.8% this year, less than its earlier prediction of a 4.2% contraction.​

In the last six months, Sri Lanka has seen runaway inflation drop to 1.3% in September, its currency appreciate by about 12% and foreign exchange reserves improve. It has also benefited from an increase in remittances.​

But the World Bank also noted Sri Lanka's outlook was still clouded by significant uncertainty and there were downside risks.​

"Growth prospects will depend on progress with debt restructuring as well as continued implementation of growth enhancing structural reforms," Richard Walker, a World Bank senior economist told a media briefing.​

ඉහි ඉහි ඡන්දේ ලඟයි කියලා ලෝක බැංකුව බයවුනාද මන්දා...​

 

[Sitting Bull]

Bump