Sri Lankan economy is projected to contract by 4.3 percent in 2023

Colombo City is a cosmopolitan and commercial attraction with colonial era historical buildings with different architecture. Photo: viator. Sketched by the Pan Pacific Agency.

COLOMBO, Apr 5, 2024, Xinhua. Sri Lankan economy is projected to contract by 4.3 percent in 2023 as demand continues to be subdued, job and income losses intensify, and supply-side constraints adversely affect production, the World Bank announced on Tuesday.

Sri Lanka’s heightened fiscal, external, and financial imbalances and its fluid political situation pose significant uncertainty for the country’s economic outlook.

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