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World Bank Forecasts Modest Growth for Sri Lankan Economy in 2024 and 2025

In a report on global economic prospects released to the local press on Wednesday, the World Bank predicts a growth of 1.7 percent for the Sri Lankan economy in 2024, followed by a further increase to 2.4 percent in 2025. The report also reveals that the country’s economy is estimated to have contracted by 3.8 percent in 2023.

While acknowledging a decline in output during the 2022-2023 financial year, the World Bank notes progress in sovereign debt restructuring in Sri Lanka. However, it emphasizes the prevailing uncertainty in the country’s economic outlook, especially in the context of ongoing debt restructuring negotiations, particularly with private creditors.

The report indicates that South Asia’s growth has slightly decelerated to 5.7 percent in 2023. Nevertheless, it remains the fastest-growing region among emerging markets and developing economies, as outlined by the World Bank. Source: Xinhua

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