Posted 9/15/2023, 10:54:00 AM

Sri Lanka's Economy Contracts Again Amid Ongoing Crisis But Shows Signs of Stabilizing After IMF Bailout

Sri Lanka's economy shrank 3.1% in the second quarter amid financial crisis
High inflation, weak currency, and lower purchasing power drove the downturn
Agriculture grew 3.6% but industrial and services output contracted
For the year, GDP is projected to shrink 2% after falling 7.8% in 2022
Activity has stabilized after IMF approved $2.9 billion bailout in March

reuters.com

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