Sri Lanka, Sept. 10 -- According to a World Bank report released yesterday (09), Sri Lanka has made remarkable progress in stabilising its economy. The report describes the country's recovery efforts as "enormous by historical and international standards."

The report highlights that Sri Lanka has achieved a fiscal adjustment of nearly 8% of its Gross Domestic Product (GDP) within three years, which is considered one of the largest fiscal adjustments in history.

However, the report also notes that these fiscal measures have created pressure on the public due to high indirect taxes, a decrease in real wages in the public sector, and a slowdown in the economy caused by reduced state investments.

With the economy now largely stabilised, th...