Sri Lanka Development Update 2021 : Economic and Poverty Impact of COVID-19
Amid the Coronavirus (COVID-19) pandemic, Sri Lanka’s economy contracted by 3.6 percent in 2020, the worst growth performance on record, as is the case in many countries fighting the pandemic. Swift measures enacted by the government in the second...
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| Format: | Report |
| Language: | English |
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World Bank, Washington, DC
2021
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| Online Access: | http://documents.worldbank.org/curated/en/284901624350168752/Sri-Lanka-Development-Update-2021 http://hdl.handle.net/10986/35833 |
| Summary: | Amid the Coronavirus (COVID-19)
pandemic, Sri Lanka’s economy contracted by 3.6 percent in
2020, the worst growth performance on record, as is the case
in many countries fighting the pandemic. Swift measures
enacted by the government in the second quarter helped
contain the first wave of Coronavirus (COVID-19)
successfully, but these measures hit sectors like tourism,
construction, and transport especially hard, while
collapsing global demand impacted the textile industry. Job
and earning losses disrupted private consumption and
uncertainty impeded investment. As a result, the economy
contracted by 16.4 percent (y-o-y) in the second quarter.
The economy began to recover in the third quarter as the
first wave was brought under control and containment
measures were relaxed. The momentum continued in the fourth
quarter as the economy was broadly kept open despite a
second wave of Coronavirus (COVID-19) infections. The
special focus section of this edition discusses the impact
of Coronavirus (COVID-19) on poverty in Sri Lanka as of 2021. |
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