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Economy projected to contract 0.3% before rebounding with 4.6% growth in 2021 External position to deteriorate, current account deficit to grow to 3.4% Debt to balloon to 195% of reserves and external assets Standard & Poor Global Ratings yesterday downgraded its long-term foreign and local currency sovereign credit ratings on Sri Lanka to B- from B, citing a deterioration in the country’s already weak fiscal position amid an expected economic contraction. Issuing a statement, S&P said the country’s fiscal position weakened in 2019 as the Easter Sunday attacks affected economic activity and tourism earnings. Expenditures rose due to security-related and election spending while tax cuts led to a fall in revenue, the rating agency noted.