Sri Lanka expects that economic growth would exceed 2% by the end of 2024, said State Minister of Finance Shehan Semasinghe yesterday (11) in Parliament. 

“The incumbent Governor of the Central Bank of Sri Lanka (CBSL) has given immense support in making accurate decisions at a challenging time not going to a hard default but seeking aid from the International Monetary Fund (IMF),” said the State Minister Semasinghe.  

The country’s inflation was at 70% while economic contraction was experienced for 6 quarters continuously. In 2022, all 4 quarters experienced a contraction while by the end of 2022, the country experienced over 11% economic contraction, he noted.  

“In 2023, first and second quarters experienced contraction while in the third quarter, 1.6% economic growth could be witnessed,” Semasinghe added. 

He also criticised the Opposition for criticising the President Ranil Wickremesinghe and the CBSL Governor despite the progress the country has made in overcoming the economic crisis. 

In November 2023 at the press briefing held at the Presidential Media Centre (PMC), the State Minister predicted 1.8% economic growth stressing that the budget has placed emphasis on the needs of Government employees, impoverished and economically vulnerable families and a grave focus on directed towards the upliftment of small and medium enterprises (SMEs). 

Meanwhile, in its recent report on global economic prospects, the World Bank forecasts the Sri Lankan economy to grow by 1.7% in 2024 

The World Bank further noted that the country's economy is estimated to have recorded a negative growth of 3.8% in 2023.

At the same time, the World Bank foresees 2.4% growth in Sri Lanka in 2025 in the aforesaid report.