Lankan economy on the road to recovery Daily News (via HT Media Ltd.)
The World Bank yesterday said that Sri Lanka’s economy is on the road to recovery in the aftermath of worst downturn on record last year.
“The World Bank stands ready to support the Sri Lankan Government as it strives to protect its people from the pandemic, while addressing the vulnerabilities in the macro-fiscal environment,” said World Bank Country Director for Maldives, Nepal and Sri Lanka Faris H. Hadad-Zervos on Sunday following a visit to Sri Lanka.
Faris H. Hadad-Zervos during his visit reiterated the World Bank’s commitment to support Sri Lanka’s efforts towards recovery and to build back better from the COVID-19 shock.
Tuesday, 27 April 2021 - 11:28
The World Bank’s Country Director for Maldives, Nepal and Sri Lanka, Faris Hadad-Zervos, concluded a successful visit to Sri Lanka recently where he reiterated the World Bank’s commitment to support Sri Lanka’s efforts towards recovery and to build back better from the COVID-19 shock.
Based in Kathmandu, Nepal, this latest mission followed the Country Director’s introductory visit to Sri Lanka last November after assuming his new role in July 2020. Hadad-Zervos was joined by Chiyo Kanda, the Country Manager for Maldives and Sri Lanka, based in Colombo.
“Sri Lanka’s economy is on the road to recovery after the worst downturn on record last year. The World Bank stands ready to support the Sri Lankan Government as it strives to protect its people from the pandemic, while addressing the vulnerabilities in the macro-fiscal environment,” said Faris. H. Hadad-Zervos, the World Bank Country Director for Maldives, Nepal and Sri Lanka. “Recover
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Lanka’s 2021 economic growth at 3.4 per cent Daily News (via HT Media Ltd.)
Despite the heavy toll of the COVID-19 pandemic on Sri Lanka’s economy and the lives of its people, the economy will recover in 2021, though challenges remain, says the latest ‘World Bank Sri Lanka Development Update: (SLDU) Economic and Poverty Impact of COVID-19’.
SLDU notes that the country, hit with an unprecedented economic downturn due to the pandemic, is now on the road to recovery. Sri Lanka’s economic growth is expected to recover to 3.4 per cent in 2021, mainly due to foreign investments as well as normalizing 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.