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The Sri Lankan economic crisis [8] is an ongoing crisis in Sri Lanka that started in 2019. [9] It is the country's worst economic crisis since its independence in 1948. [9] It has led to unprecedented levels of inflation, near-depletion of foreign exchange reserves, shortages of medical supplies, and an increase in prices of basic commodities. [10]
Sri Lanka's year-on-year economic expansion in the third quarter of 2023 was 1.6% and in the fourth quarter 4.5%, the IMF said. Sri Lanka plunged into its worst economic crisis in early 2022 ...
Whoever wins the election will have to ensure Sri Lanka gets its economy on a sustainable and inclusive growth path, reassure local and international markets, attract investors and help a quarter of t
Sri Lanka has been grappling with significant economic challenges, including high levels of external debt and a strained fiscal situation. The COVID-19 pandemic further exacerbated these issues, leading to reduced revenues, increased borrowing, and a decline in foreign exchange reserves. As a result, the government has been facing difficulties ...
Sri Lanka's central bank warned last week that the dry weather coupled with higher global oil and commodity prices could also "weigh on expected growth in the near term," as the island struggles ...
The current year places a heavy burden on Sri Lanka, with debt repayments amounting to approximately $4.5 billion, commencing with an initial payment of $500 million towards an international sovereign bond. Sri Lanka holds a position of significant importance in China's ambitious Belt and Road Initiative. [3]
Also, despite the projection of growth starting in the July quarter, Sri Lanka's export-driven economy is expected to contract by 2% in the full year, after shrinking 7.8% in 2022.
Services accounted for 58.2% of Sri Lanka's economy in 2019 up from 54.6% in 2010, industry 27.4% up from 26.4% a decade earlier and agriculture 7.4%. [41] Though there is a competitive export agricultural sector, technological advances have been slow to enter the protected domestic sector. [42]