World Bank predicts 4% growth rate for Sri Lanka in 2019

World Bank predicts 4% growth rate for Sri Lanka in 2019

World Bank predicts 4% growth rate for Sri Lanka in 2019

Written by Ramesh Irugalbandara

10 Jan, 2019 | 10:41 am

Colombo (News1st) – The World Bank in it’s Global Economic Prospects publication for 2019 states that Sri Lanka is on track to achieve a GDP growth of 4% as it recovers from last year’s adverse weather conditions.

The report noted that growth accelerated to 3.9% in 2018 on the back of a recovery in the agriculture and services sectors. However, it does want that external vulnerabilities are rising in Sri Lanka. The World Bank also believes that the elections expected to be held this year would create political uncertainty and such a challenging political environment could adversely affect the ongoing reform agenda and economic activity in Sri Lanka.

The Global Economic Prospects forecasts that Global growth would slow down to 2.9% in 2019 but had a more positive outlook for the South Asian region which is expected to accelerate its growth in 2019 to 7.1%.

 

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