Category: Economy and Markets
SL Economy Outpaces Growth Projections, More Efforts Needed to Reduce Poverty, Boost Growth: WB
Sri Lanka’s economy has made a remarkable recovery in 2024, surpassing growth expectations by recording 5 percent growth, compared to the projected 4.4 percent, says the World Bank. This growth has been driven by strong performances in industry and services, particularly in construction and tourism-related services. In 2025, growth is expected to moderate to 3.5 […]
Wealthy Minds Social media platform: Caution issued by the SEC
Type of enforcement action Caution 04th April 2025 Name of Party Wealthy Minds Academy (Private) Limited and its two (2) Directors: 1. Mr. Rajapaksha Dunuge Kavinda Harith Rajapaksha 2. Mr. W. L. P. Thisura Wishwa Prabathiya Wijesinghe Conduct and outcome The Commission issued Notices of Caution to this Company and its two Directors for their reckless […]
IMF staff team concludes visit to SL; discussions to continue toward reaching an agreement in near term
An International Monetary Fund (IMF) team led by Evan Papageorgiou visited Colombo from April 3 to 11, 2025. After constructive discussions in Colombo, Mr. Papageorgiou issued the following statement: “Sri Lanka’s ambitious reform agenda supported by the IMF Extended Fund Facility (EFF) continues to deliver commendable outcomes. The post-crisis growth rebound of 5 percent in […]
Sri Lanka’s growth recovery exceeded expectations but remains fragile
The Asian Development Bank’s (ADB) flagship economic publication, the Asian Development Outlook (ADO) April 2025, forecasts Sri Lanka’s recovery to continue at a moderate growth of 3.9% in 2025 and 3.4% in 2026 following the strong rebound in 2024. Economic recovery that began in the second half of 2023 continued across all sectors in 2024. Inflation […]
Sri Lanka launches the new National Anti-Corruption action plan
The Commission to Investigate Allegations of Bribery and Corruption (CIABOC) has officially launched the National Anti-Corruption Action Plan (NACAP) 2025-2029 today, as a strategic initiative to reaffirm the country’s commitment to strengthening governance, enhancing transparency, and reinforcing the rule of law. CIABOC led the development of the NACAP, supported by the technical expertise of the […]
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Frontier markets such as Sri Lanka, Pakistan (Caa2 positive) and Bangladesh, which do not have the capacity to import as much from the US and whose current account balances are relatively fragile, could see a worsening of their broader external positions that will potentially weigh further on the outlook for economic growth, according to the […]
Major Currencies Strengthen Against US Dollar Despite Tariffs: Fitch Ratings
The currencies of most major economies have appreciated against the US dollar since the start of 2025, despite the massive jump in US tariffs, Fitch Ratings says in its new FX Market Monitor. Developed market currencies (except Australia) have appreciated by an (unweighted) average of 4.5% since end-2024. Market participants’ concerns about the adverse impacts […]
CEAT’s share in Sri Lanka’s Original Equipment tyre market tops 90-pct
Six years after it entered into its first Original Equipment Manufacturer (OEM) partnership in Sri Lanka, CEAT Kelani Holdings has grown into a significant contributor of value addition to the country’s burgeoning automobile assembly industry. Locally-manufactured CEAT tyres are now original equipment in 11 brands of vehicles rolling off assembly lines in Sri Lanka, ranging […]
Ceylon Chamber Expresses Deep Concern over US Tariffs
The Ceylon Chamber of Commerce expresses deep concern over the imposition of a 44% tariff on Sri Lankan exports to the United States (US). With the US accounting for approximately USD 3 billion in exports and 25% of Sri Lanka’s total merchandise export, this development poses a significant challenge to the country’s trade and economic […]
Sri Lanka’s Apparel industry responds to new U.S. tariffs; Engages Government on way forward
Sri Lanka’s apparel industry has expressed its concern over the Reciprocal Tariff policy announced by the U.S regime earlier today. The new tariffs proposed could significantly disrupt the country’s largest export sector and put thousands of jobs at risk. Following an announcement by U.S. President Donald Trump on April 2, a 10% baseline tariff on […]
Celebrating progress and partnerships: EZVIZ’s new product launch in Sri Lanka
EZVIZ, a global leader in smart home security solutions, proudly hosted its event, ‘EZVIZ: LEADING SMART HOME EMPOWERMENT 2025’ at Cinnamon Life last week. The event brought together esteemed partners, distributors, and stakeholders to celebrate their remarkable journey in Sri Lanka, express gratitude to their valued partners, and unveil the latest innovations designed specifically for […]
Strengthening Sri Lanka’s reputation for responsible sourcing
Sri Lanka’s apparel industry has long been held up as a leader in ethical manufacturing, and that reputation has been further validated by a strong endorsement from Avedis Seferian, President and CEO of Worldwide Responsible Accredited Production (WRAP). In a recent discussion with the Joint Apparel Association Forum (JAAF), Seferian emphasized how independent certification has […]