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On the back of falling inflation rate and rising tourism revenue, the World Bank has revised its forecast for the Sri Lankan economy. It is now expected to expand by 1.7 per cent in 2024, up from an earlier forecast of 1 per cent. Bolstered by an appreciation in its currency, improvement in foreign exchange reserves, and increase in remittances, the country is also poised for a better economic performance this year than earlier predicted. However, leading the recovery this year has been a robust tourism sector. A surge in arrivals is expected to take the total number of foreign visitors in 2023 to two million. August saw more than 261 per cent year-on-year growth in the number of foreign tourist arrivals. India was the largest source market, making up 18.2 per cent as of July, while Russia, the UK, Germany and France together accounted for 35.8 per cent. Better economic prospects led by an increase in trade activity, along with focused promotional campaigns and greater connectivity,

Sri lankaUnited kingdomSri lankanJunrong teoWorld trade centreWorld bankSri lanka exhibition convention centreHotel developers lankaImage creditHotel developers lanka limitedHilton colomboSri lankan governmentPresidential secretariatOld dutch hospital entertainment complexPort city financial districtSri lanka exhibition