Wednesday, 05 May 2021 11:09

WB predicts economic recovery protecting livelihoods in Sri Lanka   Featured

The World Bank forecasts a bouncing back in Sri Lanka’s economic activity with up- and down-side risks in financial vulnerabilities despite heavy toll of the COVID-19 pandemic.

 

This was highlighted in the Sri Lanka Development Update (SLDU) released recently by the World Bank with a special focus on economic and poverty impact of the corona virus contagion on the island nation and the lives of its people.

The latest report captures the bank’s analysis of recent economic developments, outlook, risks and policy options for reforms as well as poverty level of the people in Sri Lanka.

A virtual presentation and panel discussion on the World Bank’s Sri Lanka Development Update was conducted on Wednesday creating awareness mainly on poverty levels in the country due to disruption of economic activities affecting the self-employed following the COVID-19 pandemic.

Delivering the keynote address, Faris H. Hadad-Zervos, World Bank Country Director for Maldives, Nepal, and Sri Lanka noted that Sri Lanka’s economic growth is expected to recover in 2021, mainly due to foreign investments as well as normalising tourism and other economic activities.

However, the slow global recovery, coupled with continued trade restrictions, economic scarring from the slowdown and the high debt burden may continue to affect growth, he said.

 

 

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