pennfierce3ll|ADB revises down inflation forecast for Sri Lanka

COLOMBOpennfierce3ll, July 21 (Xinhua) -- The inflation forecast in Sri Lanka for 2024 is revised down as supply-side conditions improved alongside better external buffers and the availability of foreign currencypennfierce3ll, said the Asian Development Bank (ADB) in its latest forcast.

According to the ADB economic forecasts for Asia and the Pacific for July, although the economic performance in Q1 2024 in Sri Lanka exceeded Asian Development Outlook April 2024 expectations, growth forecasts for 2024 and 2025 are retained as there remain uncertainties as the election cycle begins in the latter half of the year.

Sri Lanka recently finalized comprehensive bilateral debt restructuring agreements with key bilateral creditors.

The country's economy is projected to see moderate growth of 2.2 percent in 2024, showing signs of stabilization, following the severe economic downturn of 2022, according the forecasts by the World Bank earlier.■