The UK economy has returned to growth after being in a recession during the second half of 2023. It grew by 2% in January, up from 0.1% the previous month, driven by growth in both the retail and wholesale sectors. The construction industry has also performed well after being subdued for much of the last year, according to Liz Macion, Director of The Office for National Statistics.
The International Monetary Fund (IMF) predicts that the UK economy will grow by 6% in 2024. The UK is Sri Lanka’s second-largest export and third-largest tourism source market. Economic growth in the UK is vital to increasing demand for goods from Sri Lanka and encouraging UK citizens’ foreign travels. Tourist arrivals from the UK during the first two months of 2024 were up by 32,279, an increase of 118% compared to the same period last year.
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