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The Sri Lanka development update report talks about the recent economic developments in Sri Lanka for the year 2015-2016. With no exception, Sri Lanka also faced the challenges of a trying global environment in 2015. Uncertainties in an election year that saw a major political transition contributed to elevate the risks stemming from global context. The accommodative policy choices supported economic growth. Authorities took policy measures aimed at stability, beginning 2016. The fiscal deficit rose sharply in 2015 due to increased expenditures in salary hikes and subsidies, one-off charges, reduced consumption taxes and increased interest costs on resultant deficit financing. A new IMF program is providing a solid platform for macro fiscal stability. World Bank supports the government's reform agenda, to eliminate obstacles to private sector competitiveness, enhance transparency and public sector management and improve fiscal sustainability. The government has undertaken to implement a medium-term reform agenda that aims to improve competitiveness, governance and public financial management that would bring in long-term benefits. These developments have contributed to an improved outlook. Growth is expected to remain unchanged in 2016 and grow marginally over 5.0 percent beyond, driven by private consumption and postponed FDI in 2015. The special focus section discusses the Systematic Country Diagnostic (SCD) for Sri Lanka, launched by the World Bank in February 2016. The SCD is an objective, evidence-based, candid assessment of the main challenges facing the country, without limitation to the areas where the WBG is currently engaged.

Analysis of Economic Growth --- Debt Management and Fiscal Sustainability --- Economic Growth --- Economic Management --- Economic Statistics, Modeling and Forecasting --- Fiscal & Monetary Policy --- Macroeconomic Management --- Macroeconomics and Economic Growth --- Risk Management --- Systematic Country Diagnostic

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Security and development remain inextricably linked in Afghanistan, with the poor security environment continuing to exert a significant constraint on confidence, investment, and growth. As a result, in 2015, the economy grew at only 0.8 percent. In addition to the security situation, adverse weather conditions also constrained growth, contributing to a decline in agricultural production of 5.7 percent in 2015. Available data for the first half of 2016 indicate ongoing low levels of investment, with agricultural production expected to remain poor due to crop diseases and pests. Thus, in 2016, the growth rate is expected to reach only 1.2 percent, despite progress with a number of important initiatives that are expected to have a positive impact on Afghanistan's economic development, including Afghanistan's accession to the World Trade Organization and the opening of the Chabahar port in Iran. With the economic growth rate significantly lower than the population growth rate, it is expected that poverty will have increased in 2015 and that it is likely to continue to increase throughout 2016. In the medium-term future, economic growth is expected to gradually accelerate, increasing from 1.8 percent in 2017 to 3.6 percent in 2019. However, stronger growth in out-years is predicated on improvements in security, political stability, reform progress, and continued high levels of aid.

Analysis of Economic Growth --- Debt Management and Fiscal Sustainability --- Economic Growth --- Economic Management --- Economic Statistics, Modeling and Forecasting --- Export Competitiveness --- Fiscal & Monetary Policy --- Human Migrations & Resettlements --- Macroeconomic Management --- Macroeconomics and Economic Growth --- Migration --- Monetary Policy --- Trade

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Policy makers in commodity-exporting countries have faced increasing challenges in the past two years, in the face of reduced demand from China and uncertain economic recovery in developed economies. Zambia is no exception. Falling copper prices and a power crisis have contributed to an economic slowdown. The effects of the slowdown could arguably have been counteracted in a sustainable manner by utilizing fiscal buffers, but this option was not available, as Zambia did not make savings or provide for stabilization measures when the economy was prospering. Furthermore, options to access external financing are limited, as Zambia's debt levels have soared in recent years following repeat non-concessional borrowing, making it more difficult and expensive to borrow from international debt markets. This policy note examines Zambia's fiscal vulnerabilities and the costs associated with its expansionary, subsidy-oriented fiscal policy. It then sets out the benefits of coordinating fiscal policy with monetary policy in a way that is mutually reinforcing and beneficial to private sector investment, instead of having the two pull in opposite directions, as is currently the case. Finally, it makes recommendations to help shift the fiscal position to a more sustainable path and in turn improve market confidence and the prospects for sustainable economic recovery.

Analysis of Economic Growth --- Economic Conditions and Volatility --- Economic Forecasting --- Economic Management --- Economic Recovery --- Economic Stabilization --- Economic Statistics, Modeling and Forecasting --- Fiscal & Monetary Policy --- Fiscal Policy --- Macroeconomic Management --- Macroeconomics and Economic Growth --- Monetary Policy

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The Lao economy is estimated to have expanded by around 7 percent in 2015, a slight moderation from 7.5 percent in 2014. Similar to the last decade, the resource sectors (hydropower and extractives) continued to make an important contribution to growth. Power generation got a boost from the commissioning of the first two blocks of the 1,878 MW Hongsa lignite power plant and an additional 250-300 MW of installed capacity in the hydro sector. Furthermore, despite lower global commodity prices, mining output still increased as metal prices remained above the mines' cost recovery levels. The revised State Budget Law, approved in December 2015, enhances the authority of the National Assembly in budget oversight and Ministry of Finance in budget management. In addition, with regards to anti-money laundering and counter-terrorism financing, the Government strengthened key regulations (including on forfeiture of assets, border declaration, penalties for non-compliant entities) recommended by the Financial Action Task Force (FATF), which helped remove Lao PDR from the FATF's list of 'jurisdictions not making sufficient progress'. The outlook will depend on the progress in the implementation of the recommendations and agreed measures. GDP is expected to expand at around 7 percent per annum as a healthy pipeline in the power sector keeps investments strong and increases electricity production and exports by almost 40 percent. Stabilization of growth rates in China and some acceleration in Vietnam and Thailand should increase demand for Lao PDR exports. On the other hand, some gradual fiscal consolidation is expected, largely through broadening the revenue base and efforts to improve efficiency in spending and should help strengthen the outlook for public debt sustainability and lower the risk of debt distress from its current level of moderate, but borderline to high.

Access to Finance --- Accounting --- Analysis of Economic Growth --- Bank Supervision --- Banking Sector --- Bonds --- Commercial Banks --- Commodity Prices --- Contracts --- Currencies --- Currencies and Exchange Rates --- Debt --- Debt Management --- Debt Markets --- Deficit --- Discount Rate --- Economic Growth --- Economic Management --- Economic Statistics, Modeling and Forecasting --- Environment --- Environmental Economics & Policies --- Equity --- Expenditures --- Finance and Financial Sector Development --- Financial Management --- Foreign Direct Investment --- Gross Domestic Product --- Household Income --- Human Capital --- Inflation --- Insurance --- Interest Rates --- Investment Climate --- Living Standards --- Loans --- Macroeconomics and Economic Growth --- Poverty --- Public Debt --- Public Spending --- Tariffs --- Taxes --- Terrorism

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The withdrawal of international security forces since 2014 and continuing political uncertainties have resulted in a significant deceleration to economic growth, with fiscal pressures increasing as security threats mount. However, to a significant extent, Afghanistan has successfully managed the immediate challenges resulting from the transition. It has maintained macroeconomic stability and established the conditions for a slow recovery of the economy. Risks to the economy remain significant, and it is vital that the Government identify new sources of growth to replace the declining donor inflows over the longer-term. The medium-term outlook points towards a slow recovery over the next three years. The rate of growth is projected to reach 1.9 percent in 2016, assuming adjustments in firms and households' behavior in the context of the deteriorating security environment. Growth is projected to gradually increase from 1.9 percent in 2016 to 3.6 percent in 2018, if the political situation stabilizes and planned reforms are successfully implemented. On the other hand, any deterioration in the security environment could weaken growth prospects, with this risk being the most significant faced by the country.

Accounting --- Analysis of Economic Growth --- Banking Sector --- Cash Transfers --- Commercial Banks --- Commodity Prices --- Debt --- Debt Markets --- Deficit --- Developing Countries --- Economic Growth --- Economic Management --- Economic Statistics, Modeling and Forecasting --- Expenditures --- Finance --- Finance and Financial Sector Development --- Financial Development --- Financial Management --- Fiscal & Monetary Policy --- Foreign Direct Investment --- Host Countries --- Housing Finance --- Income Tax --- Inflation --- Investment Climate --- Labor Market --- Loans --- Macroeconomic Management --- Macroeconomics and Economic Growth --- Monetary Policy --- Political Economy --- Poverty --- Private Investment --- Public Investment --- Public Spending --- Remittances --- Risk Management --- Rule of Law --- Securities --- Tax Policy --- Taxes --- Telecommunications