Category: Economy
Colombo inflation drops below 1-pct in January
Jan 29, 2016 (LBO) – Consumer prices in Sri Lanka’s capital Colombo has dropped to 0.9 percent in January 2016 from a year earlier, down from 2.8 percent in December 2015 with the inflation index dropping 0.2 percent in the month, the state statistics office said. The CCPI for all items for the month of […]
Sri Lanka trade deficit widens 1 pct in 11 months to Nov
Jan 28, 2016 (LBO) Sri Lanka’s trade deficit for the first eleven months of 2015 marginally increased by one percent to 7.6 billion dollars, the central bank said. Worker remittances declined 7.2 percent to 574.5 million dollars in November 2015, year-on-year, although cumulative inflow from remittances was up marginal 0.8 per cent to 6.4 billion […]
Sri Lanka foreign reserves estimated at USD7.3bln end Dec: CB
Jan 28, 2016 (LBO) – Sri Lanka’s gross official reserves were estimated at 7.3 billion US dollars by end December 2015, the Central Bank said. The figure remained unchanged from end November equivalent to 4.6 months of imports, while total foreign assets amounted to 9.1 billion US dollars, equivalent to 5.7 months of imports. During […]
Chances of March Fed rate hike drop after FOMC statement
Jan 28, 2016 (LBO) – The chances of a U.S. Fed rate hike in March dimmed after a FOMC policy statement on Wednesday acknowledged global economic risks, as analysts interpreted the carefully worded statement. The FOMC decided to maintain the target range for the federal funds rate at 1/4 to 1/2 percent after a two-day […]
OPA worried about professional services agreement with India
Jan 27, 2015 (LBO) – The Organisation of Professional Associations (OPA) in a statement yesterday said it was deeply concerned about Sri Lanka’s intended bilateral agreement with India named “Economic Technology Cooperation Agreement (ETCA).” “OPA with 46 Associations of professionals of the country, having substantial professional resources in the country in any discipline, is of […]
‘t cause recession: BofA
Jan 27, 2016 (LBO) – Whatever does cause the next global recession, it probably won’t be China, according to Bank of America Merrill Lynch. Their analysts believe the world’s second-largest economy will avoid a hard landing and risks from financial market turbulence can be contained by the Chinese government, according to a Bloomberg report. “We […]
‘s Rebirth, blog by Joseph E Stiglitz
By Joseph E. Stiglitz COLOMBO – Sri Lanka has been deservedly praised for the progress it has made since the end of the war against the separatist Tamil Tigers in 2009. The economy has grown at an average annual rate of 6.7%, and education and health statistics are impressive. All developing countries face myriad challenges, […]
Opinion: Rite of passage, boom and bust cycle of the economy
By Ashini Samarasinghe Where economic performance is concerned, Sri Lanka tends to emphasize on the importance of economic growth or GDP growth over other economic indicators. This has led to expectations of consistently higher growth rates over time. However, we have not as yet been able to maintain high growth rates over a long period […]
New ministry to restructure rather than run public enterprises: Kabir Hashim
Jan 26, 2016 (LBO) – The mandate of Sri Lanka’s new Public Enterprise Development ministry is restructuring rather than running the country’s large portfolio of state-owned enterprises, Kabir Hashim, Sri Lanka’s minister of Public Enterprise Development, told the publishing and consultancy firm Oxford Business Group. “The main objective is to reduce the burden SOEs place […]
Sri Lanka remittances contract in 2015: Frontier Research
Jan 26, 2016 (LBO) – Sri Lanka has experienced a contraction in inward remittances after several years amidst falling oil prices and slower hiring in the Gulf nations, a top research firm said. 2015 remittance inflows have contracted 0.5 percent against the previous year, Frontier Research said. In 2014 remittances grew around 9.5 percent, which […]
Ceylon Chamber launches National Agenda Committees
Jan 26, 2016 (LBO) – The Ceylon Chamber of Commerce is launching a set of thought-leadership groups called National Agenda Committees (NACs) to put forward innovative solutions for key national economic challenges. The NACs will be multi-stakeholder groups functioning under the chamber, a statement said. “The Sri Lankan economy is at an important inflection point […]
Interview: Listing of Sri Lanka non-strategic investments may take a year, says Eran
Jan 25, 2016 (LBO) – Sri Lanka’s government is putting in place processes to list some of its non-strategic investments on the Colombo Stock Exchange, although this may not take place immediately, Eran Wickramaratne, deputy minister of Public Enterprise Development, told Lanka Business Online. “Within a year that’s possible. But whatever we are doing, we […]