Sri Lanka’s growth forecast reduced to 3.5%: World Bank

Sri Lanka’s growth forecast reduced to 3.5%: World Bank

Sri Lanka’s growth forecast reduced to 3.5%: World Bank

Written by Nathasha De Alwis

08 Jun, 2019 | 6:55 pm

Colombo (News 1st): The World Bank in its latest report, Global Economic Prospects for June 2019, reveals that Sri Lanka’s growth forecast for 2019 has been reduced to 3.5%, from 4% that was projected earlier in January. The report presented the findings citing recent security-related incidents and political uncertainty in the country.

The report adds that economic activity in Sri Lanka is expected to accelerate to 3.5% in 2019 and to average 3.6% over the forecast horizon. It added that in Sri Lanka, a rise in political uncertainty in the months leading up to presidential and parliamentary elections could weigh on business confidence.

The report also said that high external debt and low international reserves could limit the policy room to address external shocks in countries such as Sri Lanka.

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