Category: Economy
‘s growth forecast to 2.2-pct in 2024
In Sri Lanka, growth is expected to turn positive, to 2.2 percent in 2024, a 0.5 percentage point upgrade from the previous forecast, with modest recoveries in reserves, remittances, and tourism. According to the World Bank’s the Sri Lanka Development Update, Bridge to Recovery, released today, inflation is expected to remain within the central bank’s target range and […]
Despite strong growth, South Asia remains vulnerable to shocks: World Bank update
Growth in South Asia is expected to be strong at 6.0 percent in 2024, driven mainly by robust growth in India and recoveries in Pakistan and Sri Lanka. But persistent structural challenges threaten to undermine sustained growth, hindering the region’s ability to create jobs and respond to climate shocks, says the World Bank in its […]
The Future of Work: Adapting to Changing Trends and Technologies
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IMF Reaches Staff-Level Agreement on the Second Review of Sri Lanka’s Extended Fund Facility
IMF staff and the Sri Lankan authorities have reached staff-level agreement on economic policies to conclude the second review of the 4-year EFF-supported program and the 2024 Article IV Consultation. Once the review is approved by IMF Management and completed by the IMF Executive Board, Sri Lanka will have access to SDR 254 million (about […]
New Secured Transactions Registry to Help Expand Financing for Small Businesses in Sri Lanka
Small and medium enterprises (SMEs) in Sri Lanka are set to benefit from the newly established Secured Transactions Registry (STR), which aims to facilitate the use of moveable assets as collateral for loans while ensuring financial stability and fostering economic growth in the country. With technical assistance from the International Finance Corporation (IFC), the new […]
Merchandise Exports Dip 0.77-pct in January 2024, Reaching USD970.7 Mn
The merchandise export performance in January 2024 amounted to US$ 970.7 million, recorded a 0.77 % decline compared to January 2023. Compared to January 2023, agricultural exports shown a modest increase of 3.58%, reaching US$ 225.43 million in January 2024. However, industrial exports experienced a decline of 2.08% during the same period, dropping to US$ […]
Sri Lanka trade balance deteriorated by 3.6-pct in January 2024
The deficit in the merchandise trade account widened to US dollars 541 million in January 2024 from US dollars 445 million recorded in January 2023, mainly with higher increase in imports. In addition, trade deficit in January 2024 widened compared to the deficit of US dollars 487 million in December 2023. Earnings from merchandise exports […]
CBSL Responds to Concerns Regarding Staff Remuneration Revision
The Central Bank of Sri Lanka (CBSL) has acknowledged recent media coverage of comments made by Members of Parliament regarding the latest revision of employee salaries. The CBSL emphasized that it will provide further information once granted the requested opportunity to address Parliament or receive a formal request for clarification. Full Statement Central Bank of […]
Sri Lankan Exporters Optimistic on Outlook 2024, despite Challenging Global Outlook
The recently released fifth Export Barometer Survey by The Ceylon Chamber of Commerce showcases the resilience of Sri Lankan exporters despite a challenging global outlook. In a survey covering 2023 and forecasting 2024, exporters expressed confidence in their growth prospects. Amidst economic dynamics, the export sector exhibited robust growth in 2023. Exporters stressed that increasing […]
Eran: Is Sri Lanka the only country where inflation decreases when commodity prices continue to increase?
Samagi Jana Balawega MP Eran Wickramaratne said that Government by appointing a committee to review the compliance of the MoUs signed with foreign countries proves the government and the administration has no experience international relations. The President within 18 months of his coming to power has visited 14 countries and has signed several Memorandum of […]
Japan commits to Promoting Economic Governance through Anti-corruption Policy Support in SL
MIZUKOSHI Hideaki, Ambassador of Japan to Sri Lanka and Ms. Azusa Kubota, Resident Representative, United Nations Development Programme (UNDP) Sri Lanka, marked the launch of the new project titled ‘The Project for Promoting Economic Governance through Anti-corruption Policy Support’ through an official signing that took place in Colombo today, with the participation of senior government officials. […]
CCC Outlook 2024: Anticipated rebound depends crucially on effective debt restructuring
The 9th edition of the annual flagship Outlook Report for 2024 by The Ceylon Chamber of Commerce was recently launched at the Economic Outlook 2024 seminar. Dr. Nandalal Weerasinghe, Governor of the Central Bank of Sri Lanka, delivered the keynote address at the launch event. Compiled by the Economic Intelligence Unit (EIU) of the Ceylon […]