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Economy

Tourist arrivals soar past 800,000

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Sri Lanka’s tourism sector is celebrating a significant achievement as tourist arrivals surge past the 800,000 mark, instilling optimism for meeting year-end targets.

This milestone represents a remarkable upswing, a feat previously attained only in August of the preceding year. It underscores the considerable strides made in the tourism sector, reflecting strong interest and engagement with Sri Lanka as a premier destination for travelers.

During the first week of May alone, Sri Lanka welcomed 28,525 tourists, propelling the total number of visitors to 813,176.

For the year 2024, Sri Lanka Tourism is anticipating 2.3 million arrivals and aiming for an income of $4 billion.

India leads the charge as the foremost generating market for May, contributing 5,600 tourists, trailed by the Maldives with 3,170 visitors and the UK with 1,888 tourists.

Despite the typical seasonal dip in arrivals during May, industry stakeholders remain bullish. Sri Lanka Tourism is intensifying its efforts during this off-peak period, rolling out a global PR and digital campaign across 15 markets to attract more visitors.

Year-to-date (YTD) data underscores India’s dominance in the market, comprising 16% of total arrivals with 129,183 tourists. Russia closely follows with 13% (108,140), trailed by the UK at 9% (73,880), Germany at 7% (59,508), and China at 5% (49,432).

Economy

Sri Lanka prints Rs100bn through open market operations

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Sri Lanka’s central bank has injected around 100 billion rupees against domestic assets through multiple liquidity tools by October 25 official data show, driving up excess money in the banking system to over 190 billion rupees.

The central bank injected 36.16 billion rupees through an overnight auction and 70 billion rupees for 7 days through a term auction of printed money.

By October 25, excess liquidity deposited in the central bank’s standing facility was 193.4 billion rupees, up from 138 billion rupees a month earlier.

Economynext – https://economynext.com/sri-lanka-prints-rs100bn-through-open-market-operations-184982/

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Economy

Sri Lanka’s Economy Stabilized – World Bank

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Sri Lanka’s economy has stabilized, with growth expected to reach 4.4 percent in 2024, surpassing earlier forecasts. This positive outlook follows four consecutive quarters of growth driven by the industrial and tourism sectors and supported by critical structural and policy reforms, says the World Bank.

Released today, the World Bank’s bi-annual Sri Lanka Development Update, titled Opening Up to the Future, cautions that the recovery remains fragile and hinges on maintaining macroeconomic stability, successfully restructuring debt, and continuing structural reforms to increase medium-term growth and reduce poverty. Key reforms aimed at boosting exports, attracting foreign investment, enhancing female labor force participation, improving productivity, and addressing challenges such as poverty, food insecurity, and vulnerabilities in the financial sector are crucial for achieving more inclusive and sustainable growth.

The report underscores the country’s potential for achieving higher and sustainable growth through trade. Sri Lanka has an untapped export potential estimated at $10 billion annually, which could create approximately 142,500 new jobs. There is significant opportunity for diversifying and expanding exports in manufacturing, services and agriculture, provided the necessary reforms are implemented.

“Sri Lanka’s recent economic stabilization, marked by four quarters of growth and a current account surplus in 2023, is a significant milestone,” said David Sislen, World Bank Regional Country Director for Maldives, Nepal, and Sri Lanka.  “At this moment, Sri Lanka has a real opportunity to realize its export potential, which we estimate at $10 billion annually. There is an opening for Sri Lanka to deepen its participation in global value chains and take advantage of its geography and an evolving global landscape to generate jobs and sustain growth. The continued implementation of important economic and governance-related reforms will allow Sri Lanka to fully benefit from this moment.”

Looking ahead, the report projects a modest growth of 3.5 percent in 2025. Growth is then expected to follow a modest path over the medium term due to the scarring effects of the economic crisis. Poverty is expected to gradually decline but remain above 20 percent until 2026. Inflation is likely to stay below the central bank’s target of 5 percent in 2024, gradually increasing as demand picks up. The current account is projected to remain in surplus in 2024, driven by tourism and remittances.

The Sri Lanka Development Update is a companion piece to the South Asia Development Update, a twice-a-year World Bank report that examines economic developments and prospects in the South Asia region and analyzes policy challenges faced by countries in this region. The October 2024 edition, Women, Jobs, and Growthprojects growth of 6.4 percent in South Asia this year, making it the fastest-growing EMDE region in the world. Increasing women’s participation in the labor force and opening further to global trade and investment could help the region grow even faster and achieve its development goals, says the World Bank’s regional outlook.

Source – World Bank

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Economy

President appoints two senior economic advisors on honorary basis

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President Anura Kumara Dissanayake has appointed the Chairman of the Ceylon Chamber of Commerce, Duminda Hulangamuwa and Prof. Anil Fernando of the Sri Jayawardenapura University as Senior Advisors for Economic Affairs and Finance on honorary basis.

Cabinet Spokesman Minister Vijitha Herath said the appointments, effective September 24, 2024, come with the consensus of the Cabinet of Ministers.

He said both appointments were honorary without a salary payment or other benefits.

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