Sri Lanka’s economy shrunk in 7.8%…..

According to government data released on Wednesday, Sri Lanka’s economy shrunk 7.8% in 2022 compared to the previous year as it battled its worst financial crisis in more than seven decades.

The data show that the island’s fourth-quarter GDP decreased by 12.4%.

Moody’s Investors Service predicted on Monday that Sri Lanka’s growth will contract by 3% this year before picking up in 2024.

In the beginning of last year, due to poor economic management and the COVID-19 pandemic’s effects, Sri Lanka was chronically short on dollars for imports of necessities, tipping the nation into its worst financial crisis since gaining independence from the British in 1948.