April 07, Colombo (LNW): The Central Bank has formally presented its comprehensive economic assessment for the year 2024 to President and Finance Minister Anura Kumara Dissanayake, underlining what it described as encouraging momentum in Sri Lanka’s path toward economic stabilisation.
The ceremonial handover of the 2024 Annual Economic Review took place at the Presidential Secretariat and was led by Central Bank Governor Dr P. Nandalal Weerasinghe.
The publication, regarded as the Bank’s principal analytical document of the year, offers an in-depth exploration of the country’s macroeconomic performance, financial system conditions, policy decisions and forward-looking projections.
The Review is structured into four core segments, providing a detailed account of how the island nation is gradually emerging from its most severe economic crisis in post-independence history.
The 2024 analysis acknowledges that while economic activity remains uneven across sectors, Sri Lanka has seen measurable gains over the past year. These include a modest revival in consumer confidence, improved fiscal discipline, greater stability in exchange rates and a reduction in overall inflationary pressures.
Particularly noteworthy is the assertion that the country’s recovery has proceeded at a faster pace compared to several other nations that have undergone similar debt crises.
Commentary included in the Review suggests that Sri Lanka’s relative progress has been made possible through a combination of stringent macroeconomic reforms, careful monetary calibration, and multilateral support.
The cautious optimism reflected in the report was echoed by top government and Central Bank officials attending the event, including the Secretary to the President, Dr Nandika Sanath Kumanayake, Treasury Secretary K. M. Mahinda Siriwardena, and several senior economists from the Central Bank’s Research Division.
While acknowledging these improvements, the Central Bank has also cautioned that sustained recovery remains conditional on continued structural reforms, public sector discipline, and prudent debt management.
Uncertainties in the global economy, fluctuating commodity prices, and vulnerabilities within Sri Lanka’s export-dependent sectors are still seen as potential obstacles to long-term growth.
Despite these challenges, the tone of the Review is largely forward-looking. It draws attention to the importance of building institutional resilience, expanding productivity-driven investments, and nurturing greater public trust in economic governance.
The Bank’s policy emphasis for the coming year includes measures to reinforce the financial sector, widen fiscal buffers, and ensure that inflation remains within manageable bounds.
Additionally, the Central Bank reiterated its commitment to data transparency, policy predictability, and improved communication with the public—factors seen as essential for both investor confidence and citizen engagement in the reform agenda.
