ICRA Lanka downgrades Sri Lanka GDP project due to COVID third-wave
ICRA Lanka, a credit rating agency and a subsidiary of Moody's Investors Service, has downgraded its GDP growth projection for Sri Lanka to 3.4% and for state revenue to weaken to 9.1% of the GDP as the country struggles in response to a third wave of the pandemic.
The report further warns that Sri Lanka’s trade would continue to deteriorate despite import restrictions due to rising commodity prices. The ICRA notes: