Tue. Sep 22nd, 2020

ADB forecasts Sri Lanka's growth to contract by 5.5%

ADB forecasts Sri Lanka's growth to contract by 5.5%

Colombo, Sep 16 : The Asian Development Bank (ADB) on Wednesday forecast Sri Lanka’s economic growth to contract by 5.5 per cent this year, while South Asia’s overall growth will shrink by 6.8 per cent.

Local media reports, quoting the report however said the outlook for 2021 remains unchanged with a 4.1 per cent growth forecast for Sri Lanka.

According to Xinhua news agency, “Maldives and Sri Lanka, heavily dependent on tourism, will be among the hardest hit,” the ADB Outlook update said.

The ADB, earlier this year projected Sri Lanka’s economic growth as between 4.5 to 5 per cent.

Source: IANS

Disclaimer: This story is auto-generated from IANS service.

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