Economy to grow at 1.7% in 2024 – State Minister

It is expected that the country’s economy, which was in a negative state, will reach a growth of 1.7% next year, and the government will present a challenging budget for next year balancing the three main factors of welfare, security and development, Finance State Minister Ranjith Siyambalapitiya said at a meeting held in Dehiowita yesterday (6).

He said that the statement made by the World Bank economic expert Richard Walker that Sri Lanka’s economy is showing positive signs of stability and recovery is very important for all those who think about the development of the country. “We have been moving forward with a budget deficit for a long time. That deficit was balanced by borrowing. The restructuring of foreign debt is not yet finished. Also, to balance the budget deficit, a large amount of money was printed through treasury bills to balance the budget deficit. It has also been restricted by the Banking Act. It is challenging to present the budget in the midst of those facts,” he said.

“The government is aware of the difficulties faced by all, including the businessmen, public servants, and the people at the subsistence level. While the government has paid special attention to all of them, the people should also understand the challenging situation that the government is facing,” the Minister stated.

The State Minister further stated that since a legal budget office is currently in operation to look into the problems and obstacles in the implementation of the proposals presented in the budget, the government has legally had to focus on the budget proposals.

The post Economy to grow at 1.7% in 2024 – State Minister appeared first on DailyNews.