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Sri Lanka’s economy stabilized – World Bank

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Sri Lanka’s economy has stabilized, with growth expected to reach 4.4 percent in 2024, surpassing earlier forecasts, the World Bank said in its bi-annual Sri Lanka Development Update report, titled Opening Up to the Future, released.

This positive outlook follows four consecutive quarters of growth driven by the industrial and tourism sectors and supported by critical structural and policy reforms, says the World Bank.

However, the report cautions that the recovery remains fragile and hinges on maintaining macroeconomic stability, successfully restructuring debt, and continuing structural reforms to increase medium-term growth and reduce poverty.

Key reforms aimed at boosting exports, attracting foreign investment, enhancing female labor force participation, improving productivity, and addressing challenges such as poverty, food insecurity, and vulnerabilities in the financial sector are crucial for achieving more inclusive and sustainable growth.

The report underscores the country’s potential for achieving higher and sustainable growth through trade. Sri Lanka has an untapped export potential estimated at $10 billion annually, which could create approximately 142,500 new jobs. There is significant opportunity for diversifying and expanding exports in manufacturing, services and agriculture, provided the necessary reforms are implemented.

“Sri Lanka’s recent economic stabilization, marked by four quarters of growth and a current account surplus in 2023, is a significant milestone,” said David Sislen, World Bank Regional Country Director for Maldives, Nepal, and Sri Lanka. “At this moment, Sri Lanka has a real opportunity to realize its export potential, which we estimate at $10 billion annually. There is an opening for Sri Lanka to deepen its participation in global value chains and take advantage of its geography and an evolving global landscape to generate jobs and sustain growth. The continued implementation of important economic and governance-related reforms will allow Sri Lanka to fully benefit from this moment.”

Looking ahead, the report projects a modest growth of 3.5 percent in 2025. Growth is then expected to follow a modest path over the medium term due to the scarring effects of the economic crisis. Poverty is expected to gradually decline but remain above 20 percent until 2026. Inflation is likely to stay below the central bank’s target of 5 percent in 2024, gradually increasing as demand picks up. The current account is projected to remain in surplus in 2024, driven by tourism and remittances.

The Sri Lanka Development Update is a companion piece to the South Asia Development Update, a twice-a-year World Bank report that examines economic developments and prospects in the South Asia region and analyzes policy challenges faced by countries in this region. The October 2024 edition, Women, Jobs, and Growth, projects growth of 6.4 percent in South Asia this year, making it the fastest-growing EMDE region in the world. Increasing women’s participation in the labor force and opening further to global trade and investment could help the region grow even faster and achieve its development goals, says the World Bank’s regional outlook.

(dailynews.lk)

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At least 12 injured in accident near expressway entrance

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At least 12 people were injured when a van collided with a parked container truck on the Matara-Akuressa main road, near the Palatuwa entrance to the Southern Expressway.
The injured were admitted to the Matara General Hospital for treatment.

According to the police, the van was carrying a group of residents from Matara who were returning from Katunayake Airport.Malimbada Police are conducting further investigations.

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SL delegation attends inaugural WAVES summit

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A delegation from Sri Lanka comprising of professionals from the fields of music, filmmaking, acting, film production & distribution, animation and gaming participated in the inaugural edition of the World Audio Visual & Entertainment Summit (WAVES) 2025 held at the Jio World Convention Centre, Mumbai, India, from May 1 to 4, 2025.

WAVES 2025, a flagship initiative envisioned by the Hon. Prime Minister of India, brought together leading voices from across the globe – industry veterans, policymakers, and creative professionals – fostering cross-border dialogue, creativity, and commercial collaboration. The summit was inaugurated by Prime Minister of India on May 1, 2025.

At WAVES 2025, the Global Media Dialogue culminated in the adoption of the WAVES Declaration, emphasizing the need for cross-cultural collaboration and responsible storytelling in a rapidly evolving global media environment. Participating nations recognized the power of films and individual stories in bridging divides and promoting peace. The dialogue underscored the importance of using technology responsibly, enhancing youth skill development, and fostering global co-productions, with India leading initiatives like the Create in India challenges to promote multilingual creative talent worldwide.

The Sri Lankan delegation actively participated in discussions, exhibitions, and networking events that spanned the full spectrum of the industry, including cinema, digital entertainment, animation, and gaming. The experience was highly enriching for all participants, who gained valuable insights and exposure to cutting-edge trends and collaborative opportunities in the global media landscape.

WAVES 2025 marked a significant step toward deepening regional ties in media and entertainment, offering a dynamic platform for talent exchange, co-productions, and sustainable industry growth globally.

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Restored 4K version of ‘Gehenu Lamai’ to premiere at 2025 Cannes Festival

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‘Gehenu Lamai’, directed by the late Dr. Sumitra Peries, will be screened next week in the Official Selection of the Cannes Film Festival, which will be held from May 13 to May 24 in Cannes, France, under the Cannes Classics category.

Released in 1978, ‘Gehenu Lamai’ is a Sri Lankan Sinhala teenage drama film directed by Sumitra Peries and produced by her husband, Lester James Peries, for Lester Films.

The restoration of ‘Gehenu Lamai’ was undertaken by the Film Heritage Foundation in association with the Dr. Lester James Peries and Sumitra Peries Foundation. It was funded by a grant provided by the Embassy of France in Sri Lanka and the Maldives, and the Embassy of France in India, under the aegis of FISCH (France- India – Sri Lanka Cine Heritage).

Sumitra Peries, the first female filmmaker in Sri Lanka and wife of Dr. Lester James Peries, also served as Sri Lanka’s Ambassador to France in the 1990s. She was decorated as a Chevalier in the Order of Arts and Letters by the French Government.

Born in 1934, she emerged to stardom in the country with over 10 films to her credit and expertise as a screenwriter, director, producer, and editor.

In a triumph for Sri Lanka’s film heritage, Sumitra Peries’ “Gehenu Lamai” (1978) restored by Film Heritage Foundation in association with the Lester James Peries and Sumitra Peries Foundation has been selected for a world premiere at the prestigious Cannes Film Festival 2025.

The film has been restored under the aegis of FISCH: France- India – Sri Lanka Cine Heritage – Saving Film Across Borders – a pioneering international collaboration between Film Heritage Foundation, the Embassy of France and the French Institute in India and the Embassy of France in Sri Lanka and the Maldives, dedicated to restoring and preserving cinematic heritage.

The selection of “Gehenu Lamai” for the 78th Cannes Film Festival marks the fourth year in a row that Film Heritage Foundation is returning to Cannes Classic, but its first with a Sri Lankan film.

Film Heritage Foundation’s earlier restorations – Aravindan Govindan’s “Thamp”, Aribam Syam Sharma’s “Ishanou” and Shyam Benegal’s “Manthan” had red-carpet world premieres at the Cannes Film Festival in 2022, 2023 and 2024.

Recognized as the Outstanding Film of the Year at the 1978 London Film Festival, the debut film of Sumitra Peries – referred to as the Poetess of Sri Lankan Cinema – tells the heartbreaking tale of two young sisters in a Sri Lankan village whose romantic dreams and aspirations are crushed by the class barrier and the conflict between tradition and progress. The poetic black and white imagery beautifully captures the confusion and fragility of adolescent love and yearning coupled with an outstanding performance by a 16 year-old Wasanthi Chathurani as Kusum in her debut role.

(adaderana.lk)

(Except for the headline, this story, originally published by adaderana.lk has not been edited by SLM staff)

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