Home » Sri Lanka likely to fall into deeper recession – Bloomberg

Sri Lanka likely to fall into deeper recession – Bloomberg

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Bloomberg’s business website has strongly warned about the economic crisis in Sri Lanka.
Ankur Shukra, a Bloomberg scholar on South Asia, warns through the website that Sri Lanka is likely to fall into another deep recession as the economy is further undermined by strict fiscal policies and Asia’s fastest inflation.
He states, “Sri Lanka’s economy likely fell deeper into recession, as tight monetary policy and Asia’s fastest inflation further dampened the nation’s economic health. According to a Bloomberg survey of economists, the gross domestic product probably contracted about 10% between July and September compared to the same period last year. That’s the slowest reading in two years and compares with an 8.4% contraction in the April to June period.
It shows that the country’s economy has shrunk by about 10% between July and September of this year compared to last year. The economy shrank by 8.4% between April and June.
Ankur Shukra, Bloomberg Economist on South Asia, points out that higher inflation and weak reliability have further dampened the situation.
Source: Sri Lanka’s Recession Likely Deepened Amid High Rates, Inflation

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