Sri Lanka economy could shrink up to -4%, says president ...Middle East

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Sri Lanka economy could shrink up to -4%, says president
COLOMBO: Sri Lanka's economy could contract by -3.5 or -4.0% in 2023 after shrinking -11% last year, President Ranil Wickremesinghe said on Saturday.“From 2024, we will take this economy to positive growth. We are creating a strong country that does not bow down to anyone and is debt-free,“ he said.Speaking at a religious event, he said: “The growth rate of the economy in 2022 was -11% and could be -3.5 or -4.0% this year.”If economic programs which includes difficult changes in policy such as higher taxes, cuts in public expenditure and debt restructuring were not implemented then Sri Lanka could witness further political unrest, he said.“No one can prevent the country from falling into cri

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