Sri Lanka’s economy will contract by 4.3% in 2023, due to the decrease of demand, loss of supplies affecting the production and the loss of employment and income, said the World Bank.
Faris Hadad-Zervos, the World Bank country director for Sri Lanka, stated that due to the economic crisis in Sri Lanka 500,000 people had lost employement while another 2.7 million people had fallen into poverty during the years of 2021-2022.
The World Bank further noted that the long recovery from the crisis, deceleration of the debt reconstruction, limited foreign financial support and the unstable global condition could put the economic growth of the country in massive peril.
The World Bank concluded that taking proper action the the governments reformation process and growing the capital by attracting financial support from international allies could increase employent in the country.
Source By themorning.lk
