About: http://data.cimple.eu/news-article/3a1e7d4ed58209de310372028dfd3fecee10c2346cd909af11b580e5

Facets (new session)
Description
Metadata
Settings
- owl:sameAs
- Inference Rule:

About: http://data.cimple.eu/news-article/3a1e7d4ed58209de310372028dfd3fecee10c2346cd909af11b580e5 Goto Sponge NotDistinct Permalink

An Entity of Type : schema:NewsArticle, within Data Space : data.cimple.eu associated with source document(s)

Attributes	Values
rdf:type	schema:NewsArticle
schema:articleBody	Sri Lanka announced Friday that its economy shrank 3.6 percent last year due to the Covid-19 pandemic, making it the worst downturn since independence from Britain in 1948. The unprecedented recession compared with a 2.3 percent GDP growth in 2019, the Central Bank of Sri Lanka said in its annual report for 2020. It hoped the economy would rebound in 2021 and record an optimistic six percent growth on the back of improved local manufacturing and services. "The pandemic has also offered an opportunity to reset the economy's focus and to address longstanding structural weaknesses and establish a production-based, productivity-driven economy," the bank said. The pandemic hit the island's lucrative tourism sector while sharp contractions were seen in construction, manufacturing as well as in services, the bank said. It said the central government's debt also rose to 101 percent of GDP last year, up from 86.8 percent of GDP in the previous year, underscoring the debt crisis faced by the South Asian nation. International rating agencies have expressed fears for Sri Lanka's ability to service its huge foreign debt as the country's foreign reserves fell sharply in the past year. The island's economy was trying to recover from the effects of the 2019 Easter Sunday bombings that killed 279 people when the pandemic hit in early 2020. Two weeks ago, Sri Lanka secured a $500 million loan from China to shore up its foreign exchange reserves as the local currency came under intense pressure and fell to a record low. Chinese influence in the South Asian nation has been growing in recent years through loans and projects under its vast Belt and Road infrastructure initiative, raising concerns among regional powers and Western nations. Between 2005 and 2015, Colombo borrowed billions from China, accumulating a mountain of debt for expensive infrastructure projects. Sri Lanka was forced to hand over its strategic Hambantota port on a 99-year lease to a Chinese company in 2017 after it was unable to service the $1.4 billion debt from Beijing used to build it. aj/jfx
schema:headline	Sri Lanka declares worst economic downturn in 73 years
schema:mentions	Foreign-exchange reserves 2019 Sri Lanka Easter bombings Joule External debt Recession Asia United States dollar Sri Lanka Gross domestic product Pandemic China Coronavirus disease 2019 Port of Colombo Hambantota Credit rating agency European debt crisis Government of China
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2021-04-30 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	76 (xsd:integer)

Faceted Search & Find service v1.16.115 as of Oct 09 2023

Alternative Linked Data Documents: ODE Content Formats:

RDF

ODATA

Microdata

About

OpenLink Virtuoso version 07.20.3238 as of Jul 16 2024, on Linux (x86_64-pc-linux-musl), Single-Server Edition (126 GB total memory, 11 GB memory in use)
Data on this page belongs to its respective rights holders.
Virtuoso Faceted Browser Copyright © 2009-2025 OpenLink Software