Sri Lanka faces 'uneven', slow recovery from recession: World Bank
The Peninsula
Colombo: Cash strapped Sri Lanka s recovery from its worst economic meltdown remains uneven and incomplete with many households yet to regain liveli...
Colombo: Cash-strapped Sri Lanka's recovery from its worst economic meltdown remains "uneven and incomplete" with many households yet to regain livelihoods lost during the 2022 crisis, the World Bank said on Tuesday.
In its latest review of the South Asian island nation, the World Bank projected that growth would slow to 4.6 percent in 2025 and 3.5 percent in 2026, down from 5 percent last year.
Sri Lanka's economy experienced its worst recession in 2022, contracting by 7.3 percent, when then-president Gotabaya Rajapaksa was forced to resign following months of street protests.
"While Sri Lanka's recent economic progress is encouraging, the recovery is uneven and incomplete," said David Sislen, who covers Sri Lanka for the World Bank.
The poverty rate has declined but remains twice as high as in 2019, Sislen told reporters in Colombo.
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