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Sri Lanka Tourism: Full recovery not until end 2024!

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God Father

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Senior Manager - Equity Analytics
Senior Manager - Equity Analytics


Sri Lanka Tourism: Full recovery not until end 2024!  Scree399

Sri Lanka Tourism: Full recovery not until end 2024!  Scree395

Sri Lanka Tourist Arrivals have recovered only 76.32% of 2019 (pre pandemic) levels and 62.6% of 2018 (pre Easter bombing) level in 2023. Sri Lanka target 3mn arrivals in 2024.

Sri Lanka's tourism sector has shown a remarkable recovery, with the Central Bank of Sri Lanka reporting a significant surge in earnings. In November 2023, the island nation's tourism revenue reached $205.3 million, marking a substantial increase from the $81 million recorded in the same month of 2022. This boost is part of a broader upward trend for the year, with January to November revenues climbing to $1.8 billion—a 78.3% jump compared to the previous year.

The country has seen an influx of international tourists, with over 151,000 visitors in November alone, contributing to a total of 1.27 million tourists for the first eleven months of 2023. This figure represents the highest number of monthly visitors Sri Lanka has welcomed this year.

In an effort to maintain this positive trajectory, Sri Lanka has implemented strategic measures such as waiving visa fees for travelers from key markets including China and India. These initiatives are part of a broader plan to boost tourism, which is a vital component of the nation's economy.

Despite the positive arrivals, it is difficult to say definitively whether or not Sri Lanka's tourism industry will recover by 2024. However, there are a number of factors that suggest it is possible. First, the Sri Lankan government has approved free tourist visas for seven countries in an effort to boost tourism. Second, the Air Passenger Numbers are expected to recover in 2024. Finally, the World Travel & Tourism Council has predicted that the global travel and tourism industry will recover by 2024.

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Post Sat Dec 23, 2023 8:18 pm by ChooBoy

Good time to buy Hotel sector Shares

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