Category: Economic Flash Published on Tuesday, 11 March 2014 05:01
Chief Minister of the Northern Province, Justice Wigneswaran, has elaborated upon how diaspora remittances have deleterious effects. He has said that these remittances were having a very adverse impact on the lifestyles of the Tamils in the North. In his view, it was causing irreparable damage to the community, especially young people. Historically, the North was known as a socially conservative society which attached very high priority to education, a strong work ethic and simple living.
Last Updated on Friday, 21 February 2014 10:31
Category: Economic Alert Published on Tuesday, 11 March 2014 04:33
Prospects of a Bright Future
Sri Lanka has potentially extremely favourable medium-term prospects. In addition, macroeconomic conditions are likely to be more benign in the short-term, with 2014 being better than last year, provided the US Federal Reserve’s tapering program does not cause severe turbulence in emerging and frontier markets. However, there are challenges that need to be addressed if Sri Lanka is to realize its full potential. It is arguable that the lack of the necessary human resources will be the most significant binding constraint that holds back the country’s development. At present, the human resources necessary to support the government’s five-hubs + tourism strategy are not available within the country.
Last Updated on Tuesday, 11 March 2014 04:44
Category: Economic Alert Published on Thursday, 06 March 2014 03:48
Learning from History and the World.
Sri Lanka’s financial sector has experienced significant developments since partial liberalization in the post-77 era. To move from a highly protected environment to a liberalized economy may have required some shock treatment such as the opening of the financial sector. However, unfortunately, the lack of a clear strategy and ad hoc approach to regulation has led to the emergence of a plethora of banking and non-banking financial institutions servicing a limited segment of the population and geographical areas of the island. In realizing that the financial system is the lifeblood of an economy the Central Bank of Sri Lanka (CBSL) has drawn a roadmap for more a efficient and competitive financial system in the country.
Last Updated on Thursday, 06 March 2014 03:49