Agriculture, industry, and services are the three main sectors of the Sri Lankan economy, according to Governor Nandlal Weerasinghe of the Central Bank. Agriculture grew by 3.0 per cent, industry by 0.3 per cent, and services by 1.3 per cent in the third quarter.
Sri Lanka’s economy is doing better now. There has been positive economic growth in the nation. Let us inform you that Sri Lanka was engulfed in an economic crisis two years ago. The nation was pronounced bankrupt. After two years, the nation’s economic situation has improved for the first time. The official from Sri Lanka expressed happiness over the rise, stating that stability had been reached far sooner than anticipated.
The country emerged from a recession
Media reports state that the GDP of Sri Lanka increased by 1.6% in the third quarter of 2023 over the same period the previous year. This report was made public on Saturday by the Sri Lankan Department of Census and Statistics. The economy has emerged from the recession that started in the first quarter of last year, according to the department’s 2Q23 national accounts. Agriculture, industry, and services are the three main sectors of the Sri Lankan economy, according to Governor Nandlal Weerasinghe of the Central Bank.
Agriculture grew by 3.0 per cent, industry by 0.3 per cent, and services by 1.3 per cent in the third quarter. Following a 12.6 per cent increase in the previous quarter, non-tax subsidies increased by 13.6% this quarter. According to Weerasinghe, economic growth has occurred far sooner than anticipated. We are happy about this.
If India helped, it would have been a kind of genocide in Sri Lanka
Speaking in July of this year, Mahinda Yapa Abeywardene, the Speaker of the Sri Lankan Parliament, claimed that India had saved the country during the financial crisis. If not, Sri Lanka would have experienced a form of genocide. India and Sri Lanka have strong political, cultural, and national ties. Above all, India has been Sri Lanka’s reliable friend. India has always assisted when needed. India is prepared to extend our loan restructuring for an additional twelve years. We never expected such help, and no one in history has assisted us in this way.
Diwali was declared in Sri Lanka
It is noteworthy that Sri Lanka was experiencing its worst economic crisis at the time due to a severe shortage of foreign exchange reserves. After gaining independence from Britain in 1948, the nation experienced its worst circumstances for the first time. India provided roughly $4 billion in assistance in such a scenario last year through its Neighbourhood First programme. India’s assistance has been commended by the Sri Lankan government numerous times.