Sri Lanka’s economy expected to grow 5.5 pct in 2022: central bank chief

Sri Lanka is expected to record economic growth of 5.5 percent in 2022, with a recovery in its tourism sector, Sri Lanka’s Central Bank Governor Ajith Nivard Cabraal said on Friday.

Cabraal told reporters in the country’s capital Colombo that Sri Lanka was going through a difficult time but had shown to be resilient even in the past.

He said the 2021 growth rate was likely to be around “4.5 percent to 5.0 percent.”

According to official figures, Sri Lanka’s reserves rose to 3.1 billion U.S. dollars in December with the central bank borrowing dollars through swaps after falling to 1.6 billion U.S. dollars in November, raising fears of default of payments for international loans.

The central bank chief said Sri Lanka will not default and will continue to pay loans and keep its records.