Posted 3/22/2024, 3:37:12 AM
Sri Lanka's Economy Shows Signs of Recovery After 2022 Crisis
- IMF says Sri Lanka's economy is recovering from 2022 crisis; inflation dropped from 70% to 5.9% and economy grew in late 2023
- Economic crisis in 2022 caused severe shortages and protests leading to leadership change
- Sri Lanka declared bankruptcy in 2022 with $83B debt and got IMF bailout package with reforms
- Country has received some debt relief from major creditors like India, Japan, China
- Living standards still strained by high taxes, unemployment, though economic indicators improving
