ICRA Lanka yesterday (2) downgraded its previous GDP growth forecast of 3.6% which was predicted prior to the release of 1Q21 GDP growth rate, to 3.4% assuming there will be no major shocks in 3Q21 and 4Q21. The adoption of organic fertiliser should be done in phases spread across an adequate time span to avoid disruption to agricultural output, ICRA Lanka added. However, in terms of exports, Sri Lanka’s key export destinations are expected to have a stronger second half this year. If Sri Lanka can meet its target for vaccination coverage, then there is a glimmer of hope that tourism may resume. ICRA Lanka expects the total import bill to reach $ 20.3 billion in 2021.

Source: The Nation August 02, 2021 18:56 UTC