Srilankan economy down by eight percent

Srilankan economy down by eight percent

The central bank has warned that Sri Lanka’s economy will result in a record contraction of at least eight percent.

The Governor of the Central Bank said that although the
the public could soon expect some relief from high rates of inflation, and the shrink in the economy is inevitable.

The contraction of the economy will have long-lasting consequences if not managed properly.
The President who met farmers in Anuradapura recently said that a good crop in the coming Maha season is the key to recovery.

Previously  Sri Lanka had a shrink of 3.6 percent.

Governor Nandalal Weerasinghe told reporters that inflation — officially running at 60.8 percent — will peak at “about 65 percent” in September and will gradually ease due to lower demand and improvements in supplies.
The International Monetary Fund (IMF) has said it will need “adequate assurances” from Sri Lanka’s creditors for a new program as it prepares a visit to Colombo later this month.

Related Articles