COLOMBO (NewsRadio); The Central Bank of Sri Lanka says the real economy of the country has estimated to have contracted by 7.1 per cent in the first nine months of 2022, on a year-on-year basis.
The Central Bank added that with tighter monetary and fiscal policies in place, along with disruptions to domestic supply conditions, real activity in the final quarter of 2022 is also expected to have remained subdued.
In a statement, the Central Bank noted that the economy is expected to make a gradual recovery this year supported by the expected improvements in domestic supply conditions, underpinned by the timely implementation of corrective policy measures.
It added, “the anticipated improvements in foreign exchange flows and the resultant enhancement in business and investor sentiment are expected to reinforce the expected recovery in the period ahead.”
