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Asia Development Bank Expects Rebound Of Sri Lankan Economy 
Posted 30,April

By Chaveendra Dunuwille

In Local News

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Asian Development Outlook (ADO), the annual publication of the Asian  Development Bank in its 2021 issue forecasts a recovery in Sri Lanka’s economy  as the global as well as the domestic economy steadily regains momentum as  nations enter the final stages of the battle against Co-vid 19.  

Sri Lanka in recent years has experienced significant blocks to its economic  growth, first of which was the Easter Sunday Terrorist Attack back in April 2019  that shocked the international community. The attack resulted in major island  wide military operations and lockdowns and travellers were advised to not travel  to Sri Lanka. This devastated the local tourism sector classified as the 3rd largest  foreign exchange sector next to remittances and garments. But Sri Lanka was  able to recover from these attacks to the extent where Lonely Planet named the  island nation the number one travel destination of 2019. But unfortunately as  the nation recovered from the attacks the worldwide Co-vid 19 pandemic swept  across the island in 2020 further impeding the economic growth of the island. 

The presence of high public debt and external financing requirements further  complicated matters and the current trade restrictions placed by the government as a means of preventing the spread of the virus continue to slow down the  economic recovery. But with local and global vaccination campaigns picking up  pace many forecast a significant rebound in the economy.  

An economic growth of 4.1% for 2021 was forecasted and reasons for such a  growth was determined as the increase in private consumption supported by low  interest rates and pent up demand. Low interest rates, strong global demand for  products such as tea and spices and the recovery of domestic demand and higher  oil prices are among those listed in the publication. Furthermore the publication  also predicts an economic growth of 3.6% for the year 2022.