Srilanka, Aug. 31 -- Stability Is Real. Recovery Is Not Complete. The Next Battle Is Investment, Exports, Jobs and Prosperity.

Sri Lanka has come a long way from the economic abyss of 2022. The queues have disappeared. Foreign exchange is available. Inflation has been brought under control. Government revenue has strengthened. Fiscal balances have improved. Debt restructuring has provided breathing space. Economic growth has returned.

Governor was therefore justified last week in highlighting the turnaround and stating that the economy has recovered to almost the size it was before the crisis.

But there is an important distinction that Sri Lanka must not ignore.

The economy has stabilized. That does not mean the country has fully rec...