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Friday, March 1, 2024

World Bank forecasts Sri Lankan economy to grow 1.7 pct in 2024


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Colombo: The World Bank forecasts the Sri Lankan economy to grow by 1.7 percent in 2024 and by 2.4 percent in 2025, according to its report on global economic prospects made available to the local press on Wednesday.

According to the World Bank, the country’s economy is estimated to have recorded a negative growth of 3.8 percent in 2023.

Although the output in Sri Lanka is also estimated to have declined in the 2022-2023 financial year, progress has been made in sovereign debt restructuring, said the World Bank.

However, it said the outlook for Sri Lanka remains uncertain amid debt restructuring negotiations, particularly with private creditors.

The growth in South Asia is estimated to have slowed slightly to 5.7 percent in 2023, yet it remains the fastest among emerging markets and developing economy regions, according to the World Bank.

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