Sri Lanka economy to shrink by 4.3pc in 2023: World Bank.

The World Bank on Tuesday announced that Sri Lankan economy is projected to contract by 4.3 percent in 2023 as demand continues to be subdued, job and income losses intensify.

The World Bank in its twice-a-year update said Sri Lanka's heightened fiscal, external, and financial imbalances and its fluid political situation pose significant uncertainty for the country's economic outlook.

It added that these factors underscore the need to address the root causes of the country's economic crisis and build a strong and resilient economy to prevent future crises.

Faris H. Hadad-Zervos, World Bank country director for Maldives, Nepal, and Sri Lanka said 'the economic...