INSUBCONTINENT EXCLUSIVE:
stabilization, says the World Bank in its twice-a-year update, underscoring the need for Sri Lanka to build resilience.Released on Thursday
06), the latest South Asia Economic Focus, Coping with Shocks: Migration and the Road to Resilience, projects regional growth to average 5.8
percent this year - a downward revision of 1 percentage point from the forecast made in June
This follows growth of 7.8 percent in 2021, when most countries were rebounding from the pandemic slump.In its report, the World Bank said
buffer to external shocks
GDP is expected to fall by 9.2 percent this year and a further 4.2 percent in 2023
After devastating climate-change-fueled floods submerged one-third of the country this year, its outlook remains subject to significant
critical as Sri Lanka fast tracks deep reforms to navigate the deepening economic crisis.The crisis calls for immediate action to protect
Hadad-Zervos, World Bank Country Director for Maldives, Nepal and Sri Lanka
in poverty by 2.7 million
Sri Lanka will need to expand employment in industry and services and recover real value of incomes to mitigate the impacts of the crisis,
added.Firstly, the short-term measures needed to address structural weaknesses, buffers to mitigate external shocks and build resilience to
future shocks and secondly, critical policies to promote future growth, the World Bank stressed further.
This article first appeared/also appeared in https://adaderana.lk
