Monday, April 21, 2025
-Advertisement-

Sri Lanka’s Economy Rebounds in Q4 2023, Fueled by Tourism Surge

- Advertisement -

Amidst a challenging economic landscape, Sri Lanka witnessed a remarkable turnaround in the fourth quarter of 2023, driven by a surge in tourism arrivals.

The government’s announcement on Saturday highlighted a collective 4.5 per cent expansion in agriculture, industries, and services, marking a stark contrast to the previous year’s significant contraction. While this resurgence paints a hopeful picture, the overall performance for 2023 still reflects a 2.4 per cent shrinkage, a slight improvement from the previous year’s downturn.

- Advertisement -

Notably, the influx of tourists in December doubled compared to the previous year, reaching 210,000 visitors. Currently, Sri Lanka is navigating a four-year $2.9 billion bailout loan from the International Monetary Fund and engaging in discussions for debt restructuring with foreign creditors.

Reflecting on the tumultuous economic events of 2022, the country grappled with shortages and civil unrest, leading to a change in leadership.

Since then, President Ranil Wickremesinghe has implemented measures to stabilize state revenue, including tax adjustments and subsidy removals.

- Advertisement -

Stay updated with the latest and breaking news directly on your mobile phone by joining Headline PK's WhatsApp group!

 

 

Aarav Joshi
Aarav Joshi
Aarav Joshi is a seasoned content writer with a passion for covering worldly and international news stories. His journey in journalism began as a reporter for the BBC, where he honed his skills in researching and crafting compelling narratives. He has also contributed articles to 'The Times of India,' one of India's leading newspapers, delving into diverse topics ranging from politics and economics to culture and human interest stories.

Latest stories

-Advertisement-

Highlights of the Week
Related

NEPRA concludes hearing for requested relief of PKR 6.62 under February 2025 FCA

NEPRA concluded its hearing on K-Electric’s petition of provisional...

Governor Sindh signs MoU for 40,000 AI jobs in US for Pakistani youth

Governor Sindh Muhammad Kamran Khan Tessori has announced a...

Al-Ghazi Tractors showcases innovation and engineering excellence at 4th TDAP Exhibition

Al-Ghazi Tractors Ltd. (AGTL), a leading name in Pakistan’s...

Jumeirah Hosts a Series of Activations During Art Dubai 2025 Week

Jumeirah, a global leader in luxury hospitality and a...
-Advertisement-
Join our Whatsapp Group for Exclusive News!
Join our Whatsapp Group for Exclusive News!