World Bank Forecasts Sri Lankan Economy To Grow 1.7% In 2024
Key Points
The World Bank forecasts the Sri Lankan economy to grow by 1.7 per cent in 2024 and by 2.4 per cent in 2025, according to its report on global economic prospects issued on Wednesday.
Colombo, Jan 10: The World Bank forecasts the Sri Lankan economy to grow by 1.7 per cent in 2024 and by 2.4 per cent in 2025, according to its report on global economic prospects issued on Wednesday.
According to the global lender, the country's economy is estimated to have recorded a negative growth of 3.8 per cent in 2023, reports Xinhua news agency.
Although the output in the island nation 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.
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The growth in South Asia is estimated to have slowed slightly to 5.7 per cent in 2023, yet it remains the fastest among emerging markets and developing economy regions, according to the World Bank.
(IANS)