((This story has been corrected to add the word 'contraction' in the IMF estimate and change year to 2023, not 2024, in paragraph 4) )By Uditha JayasingheNEW DELHI : Sri Lanka's economy is expected to shrink by 2 per cent in 2023, its central bank said in an annual report on Thursday, as the co
NEW DELHI : Sri Lanka's economy is expected to shrink by 2 per cent in 2023, its central bank said in an annual report on Thursday, as the country struggled to emerge from its worst financial crisis in decades.
The economy shrank by 7.8 per cent in 2022, in a year dominated by deep political instability, soaring inflation and steep currency depreciation as Sri Lanka struggled with a financial crisis triggered by record low foreign exchange reserves. "Sri Lanka's economy has been gradually stabilising since mid-2022. The long fuel lines, severe shortages, and high inflation have gradually reversed," said Udeeshan Jonas chief strategist at CAL Group.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
A list of upcoming & reopened hawker centres for 2023You can’t help but feel happy and excited whenever your most-loved hawker centre has finally announced its reopening. At the same time, residents expecting a brand new food centre to open up in their vicinity also feel extremely blessed and lucky. Whatever it is, Singaporeans love to eat! To summarise them all, here’s a list […] The post A list of upcoming & reopened hawker centres for 2023 appeared first on SETHLUI.com.
Read more »
Singapore economy faces uncertain near-term outlook, inflation to slow in second half of 2023: MASGrowth prospects have been dampened by an ongoing slowdown in the global electronics industry and recent bank collapses abroad, said the central bank in its latest half-yearly macroeconomic review.
Read more »
Increases in home rents to ease in 2023, sharp rise last year 'exceptional': MASRental pressure for both private and public housing is expected to ease this year after rising sharply since 2021 on an exceptional supply-demand imbalance. Extremely tight supply conditions resulted from pandemic-induced delays to completions of housing projects. Rental demand in 2021 and 2022 was strong as residents sought temporary accommodation and non-resident demand recovered after Covid-19 border restrictions were eased...
Read more »
7 huge developments with over 1,000 units you can move into in 2023There’s a slew of 1,000+ unit mega-developments that are finally being finished this year; and while most of them are sold out, there’s always a chance that sellers are out there. After all, some of the projects are nearing the end, or have already exited, their three-year SSD period. Whether you’re house hunting now or in the near future, here...
Read more »
COVID-19 deaths down 95% in 2023: WHOGENEVA: The WHO said Wednesday (Apr 26) that COVID-19 deaths had dropped by 95 per cent since the start of the year - but warned the virus was still on the move. The World Health Organization said COVID-19 was here to stay and countries would have to learn how to manage its ongoing non-emergency effects, i
Read more »