Publication: Sri Lanka Development Update 2021: Economic and Poverty Impact of COVID-19
Loading...
Published
2021-06-20
ISSN
Date
2021-06-24
Author(s)
Editor(s)
Abstract
Amid the Coronavirus (COVID-19) pandemic, Sri Lanka’s economy contracted by 3.6 percent in 2020, the worst growth performance on record, as is the case in many countries fighting the pandemic. Swift measures enacted by the government in the second quarter helped contain the first wave of Coronavirus (COVID-19) successfully, but these measures hit sectors like tourism, construction, and transport especially hard, while collapsing global demand impacted the textile industry. Job and earning losses disrupted private consumption and uncertainty impeded investment. As a result, the economy contracted by 16.4 percent (y-o-y) in the second quarter. The economy began to recover in the third quarter as the first wave was brought under control and containment measures were relaxed. The momentum continued in the fourth quarter as the economy was broadly kept open despite a second wave of Coronavirus (COVID-19) infections. The special focus section of this edition discusses the impact of Coronavirus (COVID-19) on poverty in Sri Lanka as of 2021.
Link to Data Set
Citation
“World Bank. 2021. Sri Lanka Development Update 2021: Economic and Poverty Impact of COVID-19. © World Bank. http://hdl.handle.net/10986/35833 License: CC BY 3.0 IGO.”
Digital Object Identifier
Associated URLs
Associated content
Other publications in this report series
Journal
Journal Volume
Journal Issue
Collections
Related items
Showing items related by metadata.
Publication Philippines Economic Update, June 2020(World Bank, Washington, DC, 2020-06-01)A series of unforeseen events caused an abrupt halt to the Philippines' strong growth momentum in early 2020. The Philippine economy carried its strong growth momentum from the second half of 2019 into early 2020 thanks to positive consumer confidence, robust macroeconomic fundamentals, and an improvement in the external sector. However, the eruption of Taal Volcano in early January, the spread of the Coronavirus Disease 2019 (COVID-19) outbreak in the region, and the rise of COVID-19 infection cases in the Philippines in March, forced the economy to a near halt in the latter part of March due to severe disruptions in manufacturing, agriculture, tourism and hospitality, construction, and trade. The economy contracted by 0.2 percent year-on-year in the first quarter of 2020, the first contraction in over two decades, and was a sharp reversal from the 5.7 percent growth over the same period in 2019. Leading indicators that track economic activity in real time suggest that the contraction would be even more severe in the second quarter as most regions of the country entered an enhanced community quarantine (ECQ) in mid-March.Publication Maldives Development Update, April 2021(World Bank, Washington, DC, 2021-04)The Coronavirus (COVID-19) pandemic brought global tourism and travel to a standstill. Thus, although the health impact of the pandemic has been fairly contained in Maldives, its economic consequences have been devastating. To contain the spread of the virus, the country closed its borders for the first time in history, between March 27 and July 15, 2020, leading to a sudden stop in tourism, the main driver of growth, jobs, and revenues. The special focus article of the April 2021 Maldives Development Update explores how Maldives can leverage digital technologies to build back better for green, resilient, and inclusive development in the post-COVID world. It identifies the main bottlenecks to greater digital adoption and provides preliminary recommendations on how the government can address them.Publication Zimbabwe Economic Update, June 2021(World Bank, Washington, DC, 2021-06)This third edition of the Zimbabwe Economic Update (ZEU) aims to provide both a current and historical background covering the pre-pandemic (2019) and pandemic (2020 to April 2021) period. The 2019-2020 period marked a very difficult time for the country as 2019 was clouded by a prolonged drought, unprecedented cyclone and turbulent economic reform period; while 2020 and early 2021 coincided with a global Coronavirus pandemic that further dampened prospects at both global and local levels.Publication Pakistan Development Update, April 2021(World Bank, Washington, DC, 2021-04)The World Bank Pakistan Development Update (PDU) provides an update on the Pakistani economy, its economic outlook, together with the development challenges it faces and the structural reforms that should be considered. The report begins with a chapter on recent economic developments, with sections on the real sector and economic growth, monetary and financial sector developments, the external sector, and fiscal policy and public debt. The second chapter provides the medium-term macroeconomic outlook, describes risks and challenges, and structural reform needs. This is followed by the focus topic section on the impact of the Coronavirus (COVID-19) crisis on the private sector.Publication Afghanistan Development Update, April 2021(World Bank, Washington, DC, 2021-04-05)Afghanistan continues to face daunting challenges and uncertainties. The Coronavirus (COVID-19) crisis imposed a heavy burden on the economy, public finances, and private sector investment in 2020. Urban unemployment and hardship increased, while declining revenues limited the feasible extent of the government’s response. With many firms closed and jobs lost, recovery from the impacts of the crisis now depends on re-investment and a recovery in confidence. Restoration of confidence has been hampered, however, by challenging political and security conditions, and uncertainties regarding future international support. Peace talks between the government and the Taliban are making slow progress, while the frequency of Taliban attacks has increased. Economic recovery will depend on a continued strong partnership between the government and its international partners. To help restore private sector confidence and facilitate continued international support, the government needs to demonstrate substantial progress on revenue, anti-corruption, and private sector reforms.
Users also downloaded
Showing related downloaded files
Publication Digital Africa(Washington, DC: World Bank, 2023-03-13)All African countries need better and more jobs for their growing populations. "Digital Africa: Technological Transformation for Jobs" shows that broader use of productivity-enhancing, digital technologies by enterprises and households is imperative to generate such jobs, including for lower-skilled people. At the same time, it can support not only countries’ short-term objective of postpandemic economic recovery but also their vision of economic transformation with more inclusive growth. These outcomes are not automatic, however. Mobile internet availability has increased throughout the continent in recent years, but Africa’s uptake gap is the highest in the world. Areas with at least 3G mobile internet service now cover 84 percent of Africa’s population, but only 22 percent uses such services. And the average African business lags in the use of smartphones and computers as well as more sophisticated digital technologies that catalyze further productivity gains. Two issues explain the usage gap: affordability of these new technologies and willingness to use them. For the 40 percent of Africans below the extreme poverty line, mobile data plans alone would cost one-third of their incomes—in addition to the price of access devices, apps, and electricity. Data plans for small- and medium-size businesses are also more expensive than in other regions. Moreover, shortcomings in the quality of internet services—and in the supply of attractive, skills-appropriate apps that promote entrepreneurship and raise earnings—dampen people’s willingness to use them. For those countries already using these technologies, the development payoffs are significant. New empirical studies for this report add to the rapidly growing evidence that mobile internet availability directly raises enterprise productivity, increases jobs, and reduces poverty throughout Africa. To realize these and other benefits more widely, Africa’s countries must implement complementary and mutually reinforcing policies to strengthen both consumers’ ability to pay and willingness to use digital technologies. These interventions must prioritize productive use to generate large numbers of inclusive jobs in a region poised to benefit from a massive, youthful workforce—one projected to become the world’s largest by the end of this century.Publication World Development Report 2011(World Bank, 2011)The 2011 World development report looks across disciplines and experiences drawn from around the world to offer some ideas and practical recommendations on how to move beyond conflict and fragility and secure development. The key messages are important for all countries-low, middle, and high income-as well as for regional and global institutions: first, institutional legitimacy is the key to stability. When state institutions do not adequately protect citizens, guard against corruption, or provide access to justice; when markets do not provide job opportunities; or when communities have lost social cohesion-the likelihood of violent conflict increases. Second, investing in citizen security, justice, and jobs is essential to reducing violence. But there are major structural gaps in our collective capabilities to support these areas. Third, confronting this challenge effectively means that institutions need to change. International agencies and partners from other countries must adapt procedures so they can respond with agility and speed, a longer-term perspective, and greater staying power. Fourth, need to adopt a layered approach. Some problems can be addressed at the country level, but others need to be addressed at a regional level, such as developing markets that integrate insecure areas and pooling resources for building capacity Fifth, in adopting these approaches, need to be aware that the global landscape is changing. Regional institutions and middle income countries are playing a larger role. This means should pay more attention to south-south and south-north exchanges, and to the recent transition experiences of middle income countries.Publication Doing Business 2014 : Understanding Regulations for Small and Medium-Size Enterprises(Washington, DC: World Bank Group, 2013-10-28)Eleventh in a series of annual reports comparing business regulation in 185 economies, Doing Business 2014 measures regulations affecting 11 areas of everyday business activity: Starting a business, Dealing with construction permits, Getting electricity, Registering property, Getting credit, Protecting investors, Paying taxes, Trading across borders, Enforcing contracts, Closing a business, Employing workers. The report updates all indicators as of June 1, 2013, ranks economies on their overall “ease of doing business”, and analyzes reforms to business regulation – identifying which economies are strengthening their business environment the most. The Doing Business reports illustrate how reforms in business regulations are being used to analyze economic outcomes for domestic entrepreneurs and for the wider economy. Doing Business is a flagship product by the World Bank and IFC that garners worldwide attention on regulatory barriers to entrepreneurship. More than 60 economies use the Doing Business indicators to shape reform agendas and monitor improvements on the ground. In addition, the Doing Business data has generated over 870 articles in peer-reviewed academic journals since its inception.Publication Classroom Assessment to Support Foundational Literacy(Washington, DC: World Bank, 2025-03-21)This document focuses primarily on how classroom assessment activities can measure students’ literacy skills as they progress along a learning trajectory towards reading fluently and with comprehension by the end of primary school grades. The document addresses considerations regarding the design and implementation of early grade reading classroom assessment, provides examples of assessment activities from a variety of countries and contexts, and discusses the importance of incorporating classroom assessment practices into teacher training and professional development opportunities for teachers. The structure of the document is as follows. The first section presents definitions and addresses basic questions on classroom assessment. Section 2 covers the intersection between assessment and early grade reading by discussing how learning assessment can measure early grade reading skills following the reading learning trajectory. Section 3 compares some of the most common early grade literacy assessment tools with respect to the early grade reading skills and developmental phases. Section 4 of the document addresses teacher training considerations in developing, scoring, and using early grade reading assessment. Additional issues in assessing reading skills in the classroom and using assessment results to improve teaching and learning are reviewed in section 5. Throughout the document, country cases are presented to demonstrate how assessment activities can be implemented in the classroom in different contexts.Publication World Development Report 2006(Washington, DC, 2005)This year’s Word Development Report (WDR), the twenty-eighth, looks at the role of equity in the development process. It defines equity in terms of two basic principles. The first is equal opportunities: that a person’s chances in life should be determined by his or her talents and efforts, rather than by pre-determined circumstances such as race, gender, social or family background. The second principle is the avoidance of extreme deprivation in outcomes, particularly in health, education and consumption levels. This principle thus includes the objective of poverty reduction. The report’s main message is that, in the long run, the pursuit of equity and the pursuit of economic prosperity are complementary. In addition to detailed chapters exploring these and related issues, the Report contains selected data from the World Development Indicators 2005‹an appendix of economic and social data for over 200 countries. This Report offers practical insights for policymakers, executives, scholars, and all those with an interest in economic development.