Lankapage Logo CP 19 YEARS
Go Home Home Serving the Sri Lankan community globally since 2000
go to LankaPage.com

Leading News from Sri Lanka::

* Sri Lanka's economic growth is expected to speed up to 4 percent in 2019
Thu, Jan 10, 2019, 10:54 am SL Time, ColomboPage News Desk, Sri Lanka.

Jan 10, Colombo: The World Bank's January 2019 Global Economic Prospects Report says Sri Lanka's economic growth is expected to speed up slightly to 4 percent in 2019.

In Sri Lanka, activity accelerated to an estimated 3.9 percent in 2018 on the back of a recovery in the agriculture and services sectors and last year's recovery from adverse weather conditions is expected to continue in 2019, with 4.0 percent GDP growth.

The growth activity will be supported by robust domestic demand as consumption rebounds following natural disasters, and investment is boosted by infrastructure projects. The economic growth is projected to inch to 4.1 percent in the next two years.

The report noted Sri Lanka's external debt is sizable and current account deficits have deteriorated considerably.

The World Bank cautioned that the upcoming election cycle next year elevates political uncertainty and the challenging political environment could adversely affect the ongoing reform agenda and economic activity.

Meanwhile, the global economic growth is projected to soften from a downwardly revised 3 percent in 2018 to 2.9 percent in 2019 amid rising downside risks to the outlook, according to the World Bank.

In South Asia, regional growth is expected to accelerate to 7.1 percent in 2019, underpinned by strengthening investment and robust consumption.

India is forecast to accelerate to 7.3 percent in FY 2018/19 as consumption remains robust and investment growth continues. Bangladesh is expected to slow to 7 percent in FY2018/19 as activity is supported by strong private consumption and infrastructure spending. Pakistan's growth is projected to decelerate to 3.7 percent in FY2018/19, with financial conditions tightening to help counter rising inflation and external vulnerabilities. Nepal's post-earthquake momentum is forecast to moderate, and growth should slow to 5.9 percent in FY2018/19.

Growth among advanced economies is forecast to drop to 2 percent this year, the January 2019 Global Economic Prospects says.

 

ColomboPage - Recent 10 Stories ::
Proposal to include the Theravada Tripitaka into the Memory of the World Register of UNESCO presented
-- [1 hour and 4 minutes ago]
Sri Lankan government to ensure every citizen has own plot of land
-- [1 hour and 17 minutes ago]
Oman's Oil and Gas Minister arrives in Sri Lanka for ground breaking ceremony of Oil refinery in Hambantota
-- [3 hours ago]
Australian ships arrive in Sri Lanka for Indo-Pacific Endeavour 2019
-- [4 hours ago]
Pakistan's 79th National Day celebrated in Sri Lanka
-- [5 hours ago]
Engineering Nexus' fourth meetup: Open Source and Beyond Building Smarter QE Platforms
-- [5 hours ago]
Sri Lanka's sovereignty and independence protected in Geneva - PM
Navy arrests three persons with over 1500 kg of illegal Beedi leaves
SriLankan Airlines scores the second hat-trick at Golden City Gates Awards 2019
Human Rights Commission thanks Finance Minister for allocation of funds to make state buildings accessible to disabled

Copyright © 2000, 2016 by LankaPage.com (LLC) :
The news and other contents on ColomboPage are copyrighted property of LankaPage.com, LLC. Any unauthorized use of any information on ColomboPage may constitute a violation of copyright laws. You need written permission to reproduce, republish, post, transmit, broadcast or distribute, material from this site from LankaPage.com, LLC. However, news organizations or broadcasters in Sri Lanka may republish the news items in ColomboPage with proper acknowledgment to ColomboPage.