The World Bank raised its forecast for Sri Lanka's economy on Tuesday, projecting growth of 2.2% for 2024 as the crisis-hit nation makes a faster-than-expected recovery from its worst financial crisis in decades. Sri Lanka secured a 2.9 billion dollars’ IMF bailout in March last year, which has helped it temper inflation and rebuild foreign exchange reserves. While prices have eased off recently, the World Bank estimates the poverty rate in Sri Lanka will remain above 22% until 2026. It was about 26% in 2023, the World Bank said. Meanwhile, the report states that overall South Asia, excluding Afghanistan, was expected to grow 6.1% in 2025, remaining the fastest-growing region in the world for the next two years, with India's expected growth of 6.6% for fiscal year 2025 leading the way.
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