The debt-addled Sri Lankan economy has begun a gradual recovery, with inflation down to 5.9% last month, according to the International Monetary Fund.
The economic situation in debt-stricken Sri Lanka has started to gradually improve following its worst economic crisis two years ago, the International Monetary Fund said Thursday. The country's inflation has come down from a peak of 70% in 2022 to 5.9% last month and its economy expanded in the second half of last year following a year and a half of contraction, the IMF said. Sri Lanka's year-on-year economic expansion in the third quarter of 2023 was 1.6% and in the fourth quarter 4.
However, Wickremesinghe faces public anger over heavy taxes and the high cost of living. Despite improving economic indicators and an easing of the worst shortages, Sri Lankans have lost buying power due to high taxes and currency devaluation. Unemployment remains high, as industries that collapsed at the height of the crisis have not yet come back.
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