Bloomberg reported that Sri Lanka’s economy likely fell deeper into recession, as tight monetary policy and Asia’s fastest inflation further dampened the nation’s economic health.
According to a Bloomberg survey of economists, the country’s Gross domestic product probably contracted about 10% between July and September compared to the same period last year.
That’s the slowest reading in two years and compares with an 8.4% contraction in the April to June period.
Ankur Shukla of Bloomberg Economics said that demand remained sluggish as high inflation and weak confidence kept consumption under pressure.
Source: Bloomberg
