SL loses over 1 billion due to islandwide TU action: Economists

By Chaturanga Pradeep Samarawickrama  

The country has lost an estimated revenue of Rs.1 billion due to several crucial sectors launching a protest yesterday, inconveniencing millions of citizens and leading to roads being blocked in the business hub of Colombo, senior economists said yesterday.   

Colombo University Department of Economics Professor Priyanga Dunusinghe told Daily Mirror that more than Rs.1 billion of losses had been faced by the country yesterday due to the massive trade union action staged by doctors and several other professionals over the government’s new income tax policy.  Priyanga said this loss at this critical juncture was a blow to Sri Lanka’s development.  

Another senior economist who wished to comment off the record said that such protests at a time when Sri Lanka was seeking international assistance for its debt relief sent a wrong signal to its global partners.  

He said protests staged by crucial sectors cost the country billions and such losses were not feasible at the moment and also sent wrong signals to its international lenders.    “Opposing taxes is one thing but causing such a loss to the country is another. This sends a wrong message at a time when we are negotiating with our global partners for debt relief,” the economist said.