Moody's predicts impressive growth for Sri Lanka in 2020

Xinhua News,COLOMBO
2020-01-21 12:41

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COLOMBO, Jan. 21 (Xinhua) -- Sri Lanka's economy will continue to recover from the April 21 Easter Sunday terror attacks last year and will also record an impressive growth this year, the United States-based Moody's Economic Analytics Company, quoted local media as saying on Tuesday.

"We expect a strengthening tourism sector to drive continuing and gradual economic recovery in 2020, with real GDP growth picking up to 3.4 percent from the 2.6 percent we expected for 2019," Moody's said in its latest investor assessment report on Sri Lanka.

However, the agency said that it does not expect the small and medium enterprise debt relief package or the broad-based tax cuts to significantly boost demand.

Sri Lanka's Central Bank said last week that it expected the tax measures announced by the new government to help boost economic activities in agriculture, tourism, construction and other services sectors which would provide an impetus to achieve 4.0 percent to 4.5 percent growth in 2020.

The World Bank last week predicted Sri Lanka's economy to grow at 3.3 percent in 2020 while growth in the region is expected to rise at 5.5 percent.

Sri Lanka's new government headed by President Gotabaya Rajapaksa said recently that one of its targets includes achieving a 6.5 percent economic growth per annum from 2020 and a per capita GDP growth of 6,500 U.S. dollars.
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