According to the World Bank, the country's economy is estimated to have recorded a negative growth of 3.8 percent in 2023.
Although the output in Sri Lanka is also estimated to have declined in the 2022-2023 financial year, progress has been made in sovereign debt restructuring, said the World Bank.
However, it said the outlook for Sri Lanka remains uncertain amid debt restructuring negotiations, particularly with private creditors.
The growth in South Asia is estimated to have slowed slightly to 5.7 percent in 2023, yet it remains the fastest among emerging markets and developing economy regions, according to the World Bank.
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