South Asian economies bounce back but face fragile recovery: World Bank

Prospects of an economic rebound in South Asia are firming up as growth is set to increase by 7.2 percent in 2021 and 4.4 percent in 2022, climbing from historic lows in 2020 and putting the region on a path to recovery.

A healthy Indian Ocean feeds, protects, and connects all South Asians

It is the oceans that engendered life. The lives of humans remain connected to the seas, making the good health of the seas and the efficient management of sea-based activity essential elements for the wellbeing of people and nations.

Litro Gas remains firmly committed to global standards and safety procedures: Director

Jayantha Basnayake, Director –Health, Safety & Environment- Litro Gas Lanka Ltd. in this interview speaks about key HSE functions at Litro Gas, its impact on the company, community, customers and all stakeholders, global parameters on safety in the LPG industry, meeting the challenges posed by COVID-19 etc.

Government pushes panic button on FDI?

Recently, the government announced a plan to obtain the services of a foreign constancy firm to promote foreign direct investment (FDI).

Talking Tobacco: How reduced consumption benefits household

The substantial health and economic costs of tobacco consumption are well recognised. Tobacco use increases a household’s expenses, diverting a family’s limited resources away from basic needs such as health and education.

Sri Lanka, a smugglers’ paradise

The Research Intelligence Unit (RIU) has been conducting ongoing research into the growth of illicit markets in Sri Lanka as they represent the biggest sources of revenue leakage for the government. Herein some insights shared from the most recent report.

Govt. urged to take necessary action to register direct sales marketing firms

Currently in Sri Lanka, there is a host of criticism about the direct selling industry, resulting in conflicts between people. Are these direct selling companies genuine?

Forest restoration: Where does Sri Lanka stand?

This year, the International Day of Forests is marked under the apt theme ‘Forest restoration: a path to recovery and well-being’. Forest restoration is one of the priority areas for mitigating the effects of climate change.

Five reasons why South Asia is coming together to beat marine plastic pollution

Collaboration, cooperation, consensus – these words are seldom used when describing the interactions of the eight sovereign nations that make up South Asia. For a variety of reasons, South Asia is considered the least integrated region in the world with restrictions on the movement of people, goods, services and capital.

FitsAir eyes major expansion in domestic and int’l operations

With the vaccines against the coronavirus gaining momentum in Sri Lanka and across the globe, Fits Aviation (Pvt.) Limited (FitsAir), Sri Lanka’s sole private sector-owned airline with operations in both cargo and passenger segments, eyes major expansions in its domestic and international operations, with a view to support the country’s exporters and to realise the country’s potential in tourism while positing air travel as a viable transport mod

Social perceptions on role of women must change

Sunimalee Madurawala is a Research Economist at the Institute of Policy Studies of Sri Lanka (IPS). Her research interests include health economics, gender and population studies. Madurawala holds a BA (Economics Special), with First Class Honours and a Masters in Economics (MEcon) from the University of Colombo. She is also partly qualified in CIMA-UK. Following are excerpts from an interview with her.

Beyond turmeric: How import controls affect Sri Lanka’s economy

Raw turmeric roots on the shelves of roadside vendors is a frequent sight nowadays. Thanks to the import controls, turmeric now fetches a higher price domestically; prices having soared by as much as 275 percent from Rs. 80 per kilo to Rs. 300 per kilo.

Better childcare opens employment opportunities for Sri Lankan women

Despite robust growth and reduced poverty, female labour force participation in Sri Lanka remains at a low 36 percent compared to 75 percent for men —and below international standards.

Shiromal Cooray amongst 14 rising biz women for 2021 EY Entrepreneurial Winning Women Asia-Pacific programme

EY has announced 14 female business leaders selected for the Asia-Pacific class of the 2021 EY Entrepreneurial Winning Women — a programme designed to support women entrepreneurs to become global market leaders and to scale their businesses to reach full potential and break down barriers. Amongst them is Shiromal Cooray, Chairman and Managing Director of Jetwing Travels (Pvt.) Ltd and Chairman of Jetwing Hotels (Pvt) Ltd.

Dhammika Peniya: A post-mortem for ethics and business success

Having spent our childhood with Asterix comics, we were not really surprised in encountering our own Getafix (‘Veda Pappa’ in Sinhalised version) in the form of a house constructor turned medic in Kegalle, offering us magic portion in quarter litre bottles, a proven remedy, according to him, against COVID-19, the worst known pandemic of recent times.

Breaking new grounds: The Council for Startups

Sri Lanka’s thriving tech industry has proved time and again that it is not about only rising to the top but also taking as many companies as possible up that growth trajectory.

Working remotely in the age of COVID: Who is left behind?

The COVID-19 pandemic which was first reported in Sri Lanka in January 2020 has distressed the country’s labour market. According to the Department of Census and Statistics, with the onset of the pandemic, the labour force participation has decreased and the unemployment rate has increased, indicating reduced job openings.

Smoke engulfs entry of cinnamon cigarette

The advent of a locally manufactured tobacco-free cinnamon cigarette into the market stirred much interest and controversy in recent weeks.

Empower one woman and you empower a whole community

It is aptly said that when a woman becomes financially independent she sets off a chain reaction of positive outcomes within her family and wider community. In my long journey of working with women right from the grassroots right up to the higher corporate echelons in Sri Lanka, this reality is evident.

Towards zero poverty: Why effective targeting of Samurdhi transfers essential

The first Sustainable Development Goal (SDG) is to “end poverty in all its forms everywhere” by 2030. While achieving the goal of zero poverty is a lofty goal for any government, it is profoundly more so for those of developing countries.

Reducing the gap in understanding Sri Lanka’s gender gap

The World Economic Forum’s Global Gender Gap Index (GGGI) is a composite index that measures the extent of gender-based gaps in and among countries and tracks progress towards reducing these gaps over time. See Box 1 on calculation of the Gender Gap.

Confronting capitalism – market-oriented economy with state guidance

Recently Central Bank Governor Prof. W.D. Lakshman at a media briefing stated that Sri Lanka was following a market-oriented economy with state guidance, involving some controls and restrictions. He was quoted as saying that such a framework would not be successful under an IMF programme. This, in my view needs further elaboration.

Glass ceiling or the sticky floor

With the recent events unfolding in Sri Lanka, it’s high time that the corporate leaders and thought leaders of the Sri Lankan society take a stand on the gender discrimination that is happening right before our very own eyes. The elephant in the room is conveniently ignored, whereas all mundane topics are being discussed.

Moving from bitter to sweet: The Lanka Sugar Company story

The import ban imposed by the government was a bitter pill to swallow for many but certain sections of the economy did stand to benefit from the move, as it provided an elevated platform to perform better.

Bandwagoning with China: Geopolitics of a container terminal in Sri Lanka

It is rather unusual for trade union leaders to speak geopolitics.

Apparel exporters stay positive despite freakish outlook

Newly elected chief of the Sri Lanka Apparel Exporters’ Association (SLAEA) Aroon Hidramani spoke to Mirror Business recently on how the country’s apparel sector is gearing up to tackle 2021 after a tumultuous year marred by a global pandemic.

Economic recovery 2021: Why innovation and export orientation matter

Two thousand twenty-one will be a difficult year. For most economies – not just for Sri Lanka. One does not have to be a macroeconomist to predict that. This year carries a legacy from 2020 that has brought unprecedented economic shocks as the consequences of a world pandemic situation, unknown at least for 100 years, the last such incident being the 1918-19 Spanish flu.

How HR can make work human in 2021

Two thousand twenty-one—it’s finally here! I think we can all agree that the last year was both the longest and fastest year ever. One thing we will all remember from 2020 is how work and life collided and converged in an unprecedented way, making the line between work and human experiences more blurred than ever.

Sri Lanka has to set an urgent glide path to IMF

The Sri Lankan authorities have been able to achieve stable macro-economic indicators despite the severe economic dislocation caused by the pandemic. Inflation has remained well within the 4-6 percent target range and the improvement of the trade deficit has had a positive impact on the current account of the balance of payments.

How Sri Lankan remittances are defying COVID-19

International migrants have historically been a driving force of the Sri Lankan economy and during the COVID-19 pandemic their remittances have helped boost the country’s foreign exchange earnings.