Sri Lanka’s economy is expected to take another two to three years to return to its pre-crisis level in 2018, according to Central Bank Assistant Governor Dr. Chandranath Amarasekara.
He shared this projection during a discussion following a public lecture titled “The Sri Lankan Economy Reflected Through the 2024 Annual Economic Review,” held at the Central Bank headquarters in Colombo on 27th of May .
Dr. Amarasekara explained that from 2019 to 2023, Sri Lanka recorded economic growth only in 2021, while the other years saw contractions due to multiple crises, including the Easter Sunday attacks, the COVID-19 pandemic, and the 2022 economic collapse.
He noted that the country’s real Gross Domestic Product (GDP) fell from Rs. 13.2 trillion in 2018 to Rs. 11.9 trillion by 2023. However, the economy is expected to recover to Rs. 12.5 trillion in 2024 with a projected 5% growth rate.
“In 2019, the economy contracted by 0.2%, followed by further contractions of 4.6% in 2020, 7.3% in 2022, and 2.3% in 2023,” he said, highlighting the cumulative impact of back-to-back national crises.
While 2024 signals a return to growth, Dr. Amarasekara emphasized that more time is needed for the country to regain its 2018 economic standing.
