Sri Lanka, April 2 -- April 02 - Sri Lanka's economy is projected to see moderate growth of 2.2% in 2024, showing signs of stabilization, following the severe economic downturn of 2022 while the country still faces elevated poverty levels, income inequality, and labor market concerns, said the World Bank's latest bi-annual update.

According to the Sri Lanka Development Update released today, Sri Lanka saw declining inflation, higher revenues on the back of the implementation of new fiscal policies, and a current account surplus for the first time in nearly five decades, buoyed by increased remittances and a rebound in tourism.

However, poverty rates continued to rise for the fourth year in a row, with an estimated 25.9% of Sri Lankans l...