Tag: Economy

President Gotabaya Rajapaksa yesterday evening instructed his cabinet to cut down on all state expenses including unnecessary fleets of vehicles being used by ministries as the government felt the heat over the soaring cost of basic items.

Sri Lanka has within the past 48 hours announced rising prices for basic necessities which has led to anger among citizens throughout the nation as the public still struggles to come out of the COVID-19 pandemic

The Government of Sri Lanka recently lifted the control prices of several essential items in bid to put an end to people lining up for hours to purchase goods.

Sri Lanka’s economy is projected to grow by 3.3 percent in 2021, but the medium-term outlook is clouded by pre-existing macroeconomic weaknesses and the economic scarring from the COVID-19 pandemic.

Sri Lanka’s inflation, as measured by the change in the Colombo Consumers’ Price Index (CCPI), has declined to 5.7 percent in September 2021.

An increase in the prices of several items can be expected owing to the global market trends, says Lasantha Alagiyawanna, the State Minister of Co-operative Services, Marketing Development and Consumer Protection.

With a growing middle class and its rising discretionary spending, India will become the world’s third largest importer by 2050 with a share of 5.9% of global imports, right behind China and the US, a new report said, mimicking its projected ranking among world economies.

New Governor of Central Bank of Sri Lanka (CBSL) Ajith Nivard Cabraal says that a new economic roadmap has been prepared for the upcoming six months.

Sri Lanka’s trade deficit widened for the fifth consecutive month in July 2021 although earnings from export of goods increased during the month over a year earlier.

The Monetary Board of the Central Bank of Sri Lanka, decided to impose a 100% cash margin deposit requirement against the importation of selected goods of non-essential/non-urgent nature