Sri Lankan economy to grow at 4.4 pct: World Bank
Source: Xinhua | 2024-10-11 | Editor:Ines
World Bank Group Country Manager for Sri Lanka and Malpes Gevorg Sargsyan attends a media briefing in Colombo, Sri Lanka, Oct. 10, 2024. Sri Lankan economy has stabilized with growth expected to reach 4.4 percent in 2024, surpassing earlier forecasts, according to the World Bank on Thursday. (Photo by Gayan Sameera/Xinhua)
Sri Lankan economy has stabilized with growth expected to reach 4.4 percent in 2024, surpassing earlier forecasts, according to the World Bank on Thursday.
The World Bank's bi-annual Sri Lanka development update titled "Opening Up to the Future," cautioned that the recovery remains fragile and hinges on maintaining macroeconomic stability, successfully restructuring debt and continuing structural reforms to increase medium-term growth and reduce poverty.
According to the World Bank, Sri Lanka has an untapped export potential estimated at 10 billion dollars per annum, which could create an additional 142,000 new jobs.
This is a significant opportunity for diversifying and expanding exports in manufacturing, services and agriculture, provided the necessary reforms are implemented, the World Bank added.
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