There are positive signs for the Sri Lankan economy as the fourth quarter of 2023 (4Q2023) witnessed a shift towards growth. A report by CT CLSA SECURITIES (PVT) LTD revealed a Gross Domestic Product (GDP) increase of 4.5% YoY (Year-over-Year) in 4Q2023, a significant improvement compared to the sharp contraction of -12.4% experienced in the
Standard Chartered Bank’s Global Research team painted a cautiously optimistic picture of Sri Lanka’s economic future during their 2024 H1 Global Research Briefing held in Colombo. Following the IMF deal, the team noted a significant economic recovery in 2023, a trend expected to continue in 2024 with a focus on commercial debt restructuring. However, they
According to First Capital Research (FCR), Sri Lanka’s economic indicators exhibited positive signs of recovery in February 2024. One significant indicator is the rise in gross official reserves, which reached USD 4.5 billion in January 2024. This growth can be attributed to two factors: an inflow of USD 700 million from multilateral organizations in December
Sri Lanka’s economic landscape is marked by a significant challenge: its burgeoning national debt. In 2022, the country witnessed a concerning peak in its debt-to-GDP ratio, with central government debt exceeding 120% of GDP and public debt surpassing 128%. This alarming situation prompted the government to take decisive action in 2023. They suspended payments on