Providing analysis and commentary on key economic indicators such as GDP growth, unemployment rates, inflation, and consumer spending.
A Sri Lankan fisherman, who fell ill while at sea, was rescued and brought ashore last Saturday (27) following an urgent call for assistance from a Multi-day fishing boat operating in the Southern ocean. The Maritime Rescue Coordination Centre (MRCC) Colombo, in collaboration with the Sri Lanka Navy and with the help of a nearby
The Ceylon Chamber of Commerce has emphasized the crucial importance of implementing the National Digital Economy Strategy 2030 with active involvement from the government and collaboration with industry stakeholders. In a press release, the Chamber highlighted the significance of the Digital Economy as a pivotal driver for Sri Lanka’s economic growth acceleration. The recently unveiled
Industry analysts predict a rapid cooling of Sri Lanka’s overheated second-hand car market following the partial relaxation of import controls for tourism. The shift became evident as brand new van prices, particularly for models permitted in the tourism sector, were advertised significantly below the asking prices for used vehicles. Toyota Lanka’s advertisement offering the new
Sri Lanka’s central bank has outlined its economic projections for 2024, anticipating a 3.0 percent growth and a recovery in private credit to 8.5 percent, following a 0.6 percent contraction in 2023. The projections also include an increase in exports to 12.9 billion US dollars from 11.9 billion dollars and a rebound in imports to
Iran’s President Seyyed Ebrahim Raisi and Sri Lanka’s President Ranil Wickremesinghe jointly inaugurated a hydroelectric project in Sri Lanka, adding significant capacity to the national grid with an estimated generation of up to 290 Giga Watt hours of energy. This $514 million irrigation and hydropower initiative, designed and constructed by Iran’s Farab engineering group, holds
President Ranil Wickremesinghe unveiled ambitious plans to elevate Colombo into a prominent tourist destination, signaling a transformative phase for the city’s development. These plans encompass relocating significant landmarks such as the President’s House to the Madiwela area within the coming decade. Wickremesinghe’s vision extends to leveraging key sites like Republic Square, Navy Headquarters, Old Jetty,
Sri Lanka is contemplating the financial implications of raising the interest rate for senior citizens’ savings to 15%, requiring an estimated Rs 40 billion annually. State Minister of Finance Ranjith Siyambalapitiya highlighted this during a parliamentary session, emphasizing the government’s cautious approach in light of fiscal considerations. Responding to queries from opposition leader Sajith Premadasa,
Official data reveals a consistent decline in Sri Lanka’s foreign employment departures over the past five months, accompanied by a decrease in new passport issues for seven consecutive months. According to the Foreign Employment Bureau data quoted by the central bank, departures for foreign employment have steadily decreased from 26,394 in August 2022 to 23,259
The International Monetary Fund (IMF) has shed light on the varied impacts of rising interest rates across different economies in its recent World Economic Outlook. While global growth has defied expectations by staying afloat during this tightening cycle, the reasons behind this resilience hinge on the peculiarities of individual housing markets. The IMF pinpoints the
Sri Lanka’s Board of Investment (BOI) recognized Brandix Apparel, the country’s leading garment manufacturer, as the Most Outstanding Exporter in the Merchandise category at its 45th-anniversary celebration. This prestigious award highlights Brandix’s significant contribution to Sri Lanka’s export sector. The ceremony featured the presentation of two awards to Brandix. Hasitha Premaratne, Group Managing Director, received