‘Economy has stabilized, growth is now emerging’ - Semasinghe
April 28, 2024 01:07 pm
State Minister of Finance Shehan Semasinghe says that Sri Lanka’s economy has been stabilized with the continuous appreciation of Sri Lankan Rupee, and the growth is now emerging.
Posting on ‘X’ (formerly Twitter), Semasinghe expressed that the strengthening of the Sri Lankan Rupee will make the purchasing of goods and services cheaper over time.
This will lead to increased purchasing power, helping to alleviate inflationary pressures and contribute to price stability and financial system stability, he added.
Furthermore, the State Minister stated that after a contraction of 7.8% in 2022, the GDP returned to growth in the 3rd and 4th quarters of 2023, with Q4 GDP growth reaching 4.5%.
Recognizing the progress in macroeconomic reforms, the measures to stabilize the economy has thus far been successful, Semasinghe said, adding that the government is now in the process of transitioning the economy to a new growth path.
