Sri Lanka's Road to Recovery

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00:03 On the occasion of the launch of the Sri Lanka development update,

00:07 I wanted to share with you a snapshot of our analysis.

00:10 The Sri Lankan economy is on the road to recovery.

00:15 The country's economy is expected to grow by 3.4% in 2021,

00:20 mainly due to foreign investments as well as normalizing tourism

00:24 and other economic activities.

00:27 This positive outlook follows a 3.6% contraction in 2020,

00:32 the worst economic downturn on record,

00:34 as is the case

00:36 with many countries fighting the COVID-19 pandemic.

00:40 Moving forward,

00:41 we face challenges.

00:44 The slow global recovery

00:46 coupled with continued trade restrictions,

00:48 economic scarring from the slowdown,

00:51 and the high debt burden may continue to affect

00:53 growth in Sri Lanka as with other countries.

00:57 As Sri Lanka advances its efforts at pursuing an export-oriented growth model,

01:02 it will be important to tap the full potential of private investments.

01:06 This could help the country increase its competitiveness

01:08 and raise growth in a sustainable way.

01:12 As we move forward,

01:13 it is also important to strengthen

01:16 social protection systems and invest in digital technologies.

01:20 This is now more critical than ever.

01:23 The

01:24 $3.20

01:27 poverty line rate

01:28 is projected to have increased

01:31 from 9.2% in 2019

01:33 to 11.7% in 2020.

01:37 Job and earning losses due to the pandemic were more pronounced in urban areas

01:41 and among private sector employees and informal workers.

01:46 The government has acted decisively with steps such as cash transfers

01:51 and postponed tax payments.

01:53 The central bank's introduction of a debt

01:55 moratorium and other measures to encourage lending

01:59 also helped reduce the adverse impacts of COVID-19 on businesses and livelihoods.

02:04 Looking to the future,

02:06 more targeted social safety nets

02:08 could help the authorities to scale up support to the poor and vulnerable quickly

02:12 in these times of crisis.

02:14 Sri Lankans can also find new opportunities

02:18 through

02:18 increased investments in digital technology

02:21 and in literacy.

02:24 We have been and continue working closely with the government

02:26 of Sri Lanka and the entire spectrum of Sri Lankan policymakers

02:30 and appreciate our dialogue and our trusted partnership.

02:34 On this,

02:35 uh,

02:35 occasion,

02:36 let me

02:37 take advantage of it to wish you all

02:39 a happy and healthy

02:41 Sinhala and Tamil New Year,

02:44 a happy Easter,

02:45 and a Ramadan Karim.

02:47 All the best.

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transcript

On the occasion of the launch of the Sri Lanka development update, I wanted to share with you a snapshot of our analysis. The Sri Lankan economy is on the road to recovery. The country's economy is expected to grow by 3.4% in 2021, mainly due to foreign investments as well as normalizing tourism and other economic activities. This positive outlook follows a 3.6% contraction in 2020, the worst economic downturn on record, as is the case with many countries fighting the COVID-19 pandemic. Moving forward, we face challenges. The slow global recovery coupled with continued trade restrictions, economic scarring from the slowdown, and the high debt burden may continue to affect growth in Sri Lanka as with other countries. As Sri Lanka advances its efforts at pursuing an export-oriented growth model, it will be important to tap the full potential of private investments. This could help the country increase its competitiveness and raise growth in a sustainable way. As we move forward, it is also important to strengthen social protection systems and invest in digital technologies. This is now more critical than ever. The $3.20 poverty line rate is projected to have increased from 9.2% in 2019 to 11.7% in 2020. Job and earning losses due to the pandemic were more pronounced in urban areas and among private sector employees and informal workers. The government has acted decisively with steps such as cash transfers and postponed tax payments. The central bank's introduction of a debt moratorium and other measures to encourage lending also helped reduce the adverse impacts of COVID-19 on businesses and livelihoods. Looking to the future, more targeted social safety nets could help the authorities to scale up support to the poor and vulnerable quickly in these times of crisis. Sri Lankans can also find new opportunities through increased investments in digital technology and in literacy. We have been and continue working closely with the government of Sri Lanka and the entire spectrum of Sri Lankan policymakers and appreciate our dialogue and our trusted partnership. On this, uh, occasion, let me take advantage of it to wish you all a happy and healthy Sinhala and Tamil New Year, a happy Easter, and a Ramadan Karim. All the best.

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worldbank/Faris Final Video

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Faris Final Video

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Faris Final Video

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