Sri Lanka's Economy Rebounds in 2023 After Sharp Contraction

• Sri Lanka's economy rebounded 4.5% in Q4 2023 after contracting 12.4% a year earlier • Overall economy shrank 2.4% in 2023, an improvement from 7.8% contraction in 2022 • Tourism bounced back strongly, with tourist arrivals more than doubling in December 2023 • Worker remittances also improved towards the end of the year • Sri Lanka is drawing down a $2.9 billion IMF bailout loan and restructuring foreign debt