Will Sri Lanka’s economy recover? – The World Bank has projected how and when

Will Sri Lanka’s economy recover? – The World Bank has projected how and when

Written by Lahiru Fernando

01 Nov, 2017 | 9:39 pm

The World Bank has released its half-yearly flagship report on Sri Lanka’s economy, future outlook and policy priorities.

According to the report, Sri Lanka needs to move to a more private investment, trade sector-led growth model to sustain growth, create jobs and reduce poverty.

Government’s ‘Vision 2025’ has been recognized by the World Bank as a road-map that outlines such a shift.

Floods and drought which hit Sri Lanka during the first half of 2017 affected Sri Lanka’s growth, especially in agriculture.

Projections of the World Bank say that Sri Lanka’s economy will recover in the second half and reach 4.6% growth over the full year.

The update identifies some key reforms required to improve a business-friendly environment and remove barriers to trade such as tariffs, inefficient border clearance procedures among other constraints.

In addition, it lists the drafting of a comprehensive public financial management law, meaningful progress on the debt management agenda and passing of the Audit Act as priorities that must progress.

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