While the European economy is retreating, Sri Lanka is moving forward

Germany’s economy minister, Robert Habeck, revealed that the economic growth rate for the year 2024 in Germany, which is claimed to be the largest economy in Europe, will remain at a value of 0.2 percent.

Currently, the severe economic crisis in the European region is clearly revealed by the slowing down of economic growth in Germany. Accordingly, economic analysts point out that Germany has managed to avoid going into an economic recession after a lot of effort.

However, this situation is not only limited to Europe and it can be predicted that many developed countries will suffer a severe economic downturn this year, the BBC news service reveals.

Accordingly, only the United States of America shows an economic growth of 2.1 percent, while Japan expects an increase of one percent and Canada, Britain, Italy, France and the European region as a whole expect an economic growth of less than one percent.

With such a background, the Asian Development Bank has predicted that Sri Lanka, which faced a severe economic crisis in the past few years, will achieve an economic growth of 1.3 percent this year. Accordingly, when considering western countries and developed states, the data reports reveal that Sri Lanka has achieved a very successful growth.