According to the World Bank, Sri Lanka’s real GDP will fall 9.2 percent this year and another 4.2 percent in 2023.
The World Bank publishes assessments on the economies of South Asian countries twice a year. Oct. This was stated in their most recent research, Coping with Shocks: Migration and the Road to Resilience, which was released on the 6th.
According to the World Bank, debt restructuring is important to Sri Lanka’s economic stability.
They also emphasise the importance of enhancing the social security system, stating that it is critical to safeguard people who are vulnerable as a result of the economic crisis.
Poverty predictions in Sri Lanka have increased to 25.6 percent between 2021 and 2022 as a result of the economic crisis, with 2.7 million people living in poverty. According to Faris H. Hadad-Zervos, World Bank Director for the Maldives, Nepal, and Sri Lanka, this is based on the relevant report.