Srilanka, Nov. 23 -- An international development expert, policy advisor and researcher Dr. Ganeshan Wignaraja said following a remarkable recovery from a very deep crisis in 2022, Sri Lanka's recent Budget consolidates economic stabilisation and introduces a few markers for further growth - notably in trade, digitalisation and the Port City development. However, more decisive action is needed to embed a sustainable growth strategy and transform the economy to avoid future austerity programs.

Sri Lanka has indeed defied economic expectations in the 2020s. Following its historic pre-emptive sovereign default in April 2022, the country experienced its worst economic crisis since Independence, falling into a vicious cycle of deep contractio...