Economy rebounds strongly in 2024 – Governor
GDP growth of 5%, highest since 2017:
Reserves up from US$ 4 Bn to US$ 6 Bn:
Solid foundation for boosting investor confidence:
The Sri Lankan economy rebounded strongly in 2024 and during the first three quarters of 2024, the economy is estimated to have grown notably by 5.2% with key economic sectors recording expansions after 2017.
Central Bank Governor Dr. Nandalal Weerasinghe yesterday said that building on this momentum in economic activity, leading economic indicators of industry and service sectors reflected a continuation of the expansion in output in the last quarter of 2024 as well. “Accordingly, real GDP is projected to have grown by around 5.0% in 2024, registering the highest annual growth since 2017.”
The near completion of the Government’s external debt restructuring, coupled with the significant progress made under the IMF-EFF programme, has created a solid foundation for boosting investor confidence and ensuring the stability of the external sector.
Commenting on the present economic landscape he said that Sri Lanka stands stronger with restored macroeconomic and financial sector stability, following several difficult years.
“Notwithstanding Sri Lanka’s faster-than-expected recovery compared to the other countries that faced similar situations, sustaining stability in the medium to long run remains conditional on the country’s commitments to pursue necessary economic reforms.”
Achieving a transformative acceleration in growth trajectory is essential to catch up and enhance the growth potential.This would also help enhance the debt-carrying capacity of the country.
“Building buffers to withstand shocks and accelerating growth without compromising on economic and financial system stability is the essential next step for the country’s progress.”
“To this effect Sri Lankan reserves have now increased from US$ 4 billion in the beginning to over US$ 6 billion by the end of 2024.”
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