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IMF says Sri Lanka's economy remains vulnerable to adverse shocks, growth projected to be 3.6% in 2019

Sri Lanka's economy remains vulnerable to adverse shocks and the economy is expected to recover gradually in 2019, while downside risks remain, the International Monetary Fund said in its staff report released Thursday following the Fifth Review under the Extended Fund Facility.Real GDP growth is projected to recover to 3.6 percent in 2019 compared to 4.5 percent at the time of the fourth review in June 2018, driven by agriculture and manufacturing, and to gradually reach 5 percent over the medium term."Nevertheless, important downside risks remain, stemming from a tightening of global financial conditions and weaker external demand, as well as domestic uncertainty after the recent terrorist attacks and in the run up to the elections," the report said. Inflation is expected to rise to 4.5 percent by end-2019, as economic activity recovers and food prices stabilize, following weather-related supply disruptions in 2018.The current account deficit is projected to narrow to 2.8 percent of GDP in 2019, driven by export growth, supported by the exchange rate correction and recently-signed free trade agreements,...................

 

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