Issuing a news release on 3 April amidst the local islandwide lockdown, Asian Development Bank (ADB) projected Sri Lanka’s economic growth to recover moderately to 3.5% in 2021 from 2.2% in 2020. In its Asian Development Outlook in June this year, ADB forecasted Sri Lanka’s economy to grow 4.1% next year from an expected contraction of 6.1% this year. The 2021 forecast improved from the earlier forecast of 3.5% due to stringent domestic lockdown measures. This was long before the second wave erupted. Nevertheless, this forecast too failed to cover the full economic impact of the second wave of the virus in the country.

Source: The Nation November 21, 2020 20:15 UTC