Growth rate of Sri Lanka’s economy will be increased up to 3% by 2025 – President (2024)

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Growth rate of Sri Lanka’s economy will be increased up to 3% by 2025 – President? ›

President Ranil Wickremesinghe stated that he expects to increase the growth rate of Sri Lanka's economy up to 3% by the year 2025 and mentioned that steps would be taken to increase the salaries of government employees.

COLOMBO, May 12 (Xinhua) -- Sri Lanka's GDP growth will increase to 3 percent in 2025 and the salaries of government servants will be increased next year, President Ranil Wickremesinghe said on Sunday.

Sri Lanka gdp growth rate for 2022 was -7.82%, a 11.34% decline from 2021. Sri Lanka gdp growth rate for 2021 was 3.51%, a 8.14% increase from 2020. Sri Lanka gdp growth rate for 2020 was -4.62%, a 4.4% decline from 2019. Sri Lanka gdp growth rate for 2019 was -0.22%, a 2.53% decline from 2018.

Sri Lanka's Economy Shows Signs of Stabilization, but Poverty to Remain Elevated. COLOMBO, April 2, 2024—Sri Lanka's economy is projected to see moderate growth of 2.2% in 2024, showing signs of stabilization, following the severe economic downturn of 2022.

May. 1 May – 2024 Sri Lankan presidential election: Minister of Justice Wijeyadasa Rajapakshe announces he will run for president. 8 May – The Supreme Court of Sri Lanka rules that SJB MP Diana Gamage holds no Sri Lankan citizenship, and is thus disqualified from her parliamentary seat.

In September 2017 the Sri Lankan government launched an ambitious development plan, Vision 2025. The eight-year strategy aims to turn the country into an upper-middle-income one “by transforming Sri Lanka into the hub of the Indian Ocean, with a knowledge-based, highly competitive, social market economy”.

The Economic Outlook projects steady global GDP growth of 3.1% in 2024, the same as the 3.1% in 2023, followed by a slight pick-up to 3.2% in 2025.

COLOMBO, April 2 (Reuters) - The World Bank raised its forecast for Sri Lanka's economy on Tuesday, projecting growth of 2.2% for 2024 as the crisis-hit nation makes a faster-than-expected recovery from its worst financial crisis in decades.

Out of the world's 62 major economies in Euromonitor International's Macro Model, five emerging Asian countries are expected to have the highest real GDP growth rates in 2024: India, the Philippines, Vietnam, Indonesia and China.

According to the IMF, Guyana is the world's fastest-growing economy in terms of real GDP since 2018, boasting an impressive five-year average economic growth rate of 27.14%, including an astounding 62.3% growth in 2023.

What is the inflation rate in Sri Lanka in 2024? ›

Headline inflation, as measured by the year-on-year (Y-o-Y) change in the Colombo Consumer Price Index (CCPI, 2021=100)1 showed some uptick to record 1.5% in April 2024 compared to 0.9% in March 2024.

Sri Lanka faced unsustainable debt and a severe balance of payments crisis in 2022. The country's GDP contracted by an estimated 8.7 percent in 2022 and is expected to contract further by roughly 3 percent in 2023 before returning to positive growth in 2024, according to the IMF.

The GDP (gross domestic product) per capita in Sri Lanka is forecast to amount to US$3.12k in 2024. The GDP (gross domestic product) in Sri Lanka is forecast to amount to US$68.37bn in 2024.

GDP per Capita in Sri Lanka is expected to reach 4120.00 USD by the end of 2024, according to Trading Economics global macro models and analysts expectations.

The two largest economies in Asia, China and India, are on track to be the world's largest economies by 2030. India seems to grow at a steady rate compared to China. As per the forecast, China is projected to have a growth rate of 5% in 2023 and 4.2% in 2024.