21 September 2023
Integrated SDG Insights Report - Sri Lanka
Sri Lanka's economy has suffered continuous setbacks in recent years leading to the poly crisis it faces now. According to the World Bank, in 2022, the poverty rate increased from 13.1% to 25% from 2021 to 2022 and is expected to increase in the coming years due to the multiple risks to households' livelihoods. Sri Lanka dealt with debt distress, fiscal constraints and declining private sector growth and is expected to face an economic contraction in 2023, but to slowly recover from 2024 onwards. Therefore, Sri Lanka considers the current situation as an opportunity to rebuild the economy while achieving the SDGs. The commitment to achieving the SDGs is focused on reversing the adverse impacts of the crisis in order to reduce poverty, elevate human development and ultimately achieve sustainable economic growth, while addressing the needs of the most vulnerable.