A 5% growth headline that hides Sri Lanka's incomplete recovery
Sri Lanka, Sept. 1 -- Sri Lanka's economy grew by nearly 5% last year, according to the Central Bank's newly released "Economic and Social Statistics of Sri Lanka" report. This marks the second consecutive year of strong growth, following the deep economic crisis of 2022.
However, the same figures show that the recovery is not yet complete. Despite two years of growth, the size of the economy in real terms is still slightly smaller than it was in 2019, before the pandemic, and smaller than in 2018.
With the population larger now than it was then, the average output per person remains below pre-crisis levels.
The Central Bank's quarterly data does show that the recovery is becoming steadier. Growth stayed between 4% and 5.5% every quart...
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