{"id":77404,"date":"2021-11-06T02:48:02","date_gmt":"2021-11-06T02:48:02","guid":{"rendered":"https:\/\/websitedesigns.com.au\/elankanew\/?p=77404"},"modified":"2021-11-06T07:34:40","modified_gmt":"2021-11-06T07:34:40","slug":"daunting-task-for-government-amid-sliding-economy-by-sunil-thenabadu","status":"publish","type":"post","link":"https:\/\/websitedesigns.com.au\/elankanew\/daunting-task-for-government-amid-sliding-economy-by-sunil-thenabadu\/","title":{"rendered":"Daunting task for government amid sliding economy By Sunil Thenabadu"},"content":{"rendered":"
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Daunting task for government amid sliding economy<\/span>\u00a0 <\/span><\/h1>\n

By Sunil Thenabadu<\/span><\/h1>\n<\/div>\n<\/div>\n<\/div>\n
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\"SunilThe landslide resounding victory of the SLPP sweeping aside all opposing political parties in year 2020 like a \u201ctsunami\u201d would never have been even in the wildest dreams of any staunch supporter of the\u00a0party.\u00a0However\u00a0the top-notch politicians prior to the postponed election knew well the pathetic situation our economy was in, was aware of a daunting task for any new government.<\/span>\u00a0<\/span><\/p>\n<\/div>\n

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Although the victory at the polls was a cake walk, astounding music to the \u2018SLPP\u201d,\u00a0\u00a0the new government which is burdened with an enormous\u00a0<\/span>intimida<\/span>ting\u00a0<\/span>state of a<\/span>ffairs to place\u00a0the\u00a0<\/span>system<\/span>\u00a0on track in the midst of a global recession and rising job losses. With negative growth predictions, no budget for the entire\u00a02020, with\u00a0negligible taxes figures with another hurdle is the climbing of tax issues in year 2021.<\/span>\u00a0<\/span><\/p>\n<\/div>\n

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So far,\u00a0figures indicate\u00a0at least\u00a0half a million\u00a0workers \u2013 directly and indirectly \u2013 have lost their jobs largely in tourism and garment-industry related\u00a0industries. According\u00a0to recent\u00a0stats, Sri Lanka\u2019s apparel exports in the first half of this year reduced to US$1,8 m compared to $2,6 m in the first half of the\u00a0year 2019, a drop in earnings\u00a0by\u00a0$7.9\u00a0m.Apparel\u00a0exports for the whole of 2020 are likely to be $2 b lower than last year, a 40 per cent drop in a worst-case scenario, according to some reports. Industry officials have said that the toughest period would be from September to December, while exporters\u00a0anticipate\u00a0orders to pick up from January 2021 onwards.<\/span>\u00a0<\/span><\/p>\n<\/div>\n

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\"Daunting<\/p>\n

The gross domestic figures (GDP or economic growth) have come in for the first quarter of 2020 and they are not at all positive. Growth is minus for this period and shows a GDP contraction of 1.6 per cent according to the Department of Census and Statistics (DCS), The related authorities of the DCS (Department of Census and Statistics) have confirmed that the\u00a0economic\u00a0growth estimates in the first quarter reflects\u00a0continued\u00a0negative effects of the Easter attack in April 2019,\u00a0<\/span>combined<\/span>\u00a0by the deep\u00a0repercussions\u00a0since\u00a0the\u00a0<\/span>onsla<\/span>ught of the COVID-19 pandemic.<\/span>\u00a0<\/span><\/p>\n<\/div>\n

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Data collection to compute these figures was difficult this time,\u00a0added\u00a0the DCS.\u00a0While normally the first quarter data are released on June 19, this time the DCS faced many\u00a0<\/span>travails<\/span>\u00a0and challenges in gathering data and information during May and June from government, semi-government and private sector institutions in the\u00a0country.\u00a0Further, the data\u00a0<\/span>accessibilit<\/span>y of most\u00a0institutions and the\u00a0accuracy\u00a0of the data, were not at\u00a0acceptable\u00a0levels due to the\u00a0<\/span>functional<\/span>\u00a0draw backs\u00a0at\u00a0base\u00a0level due to the\u00a0<\/span>limitations<\/span>\u00a0imposed by the government and the regulations provided by the Ministry of Health regarding the spread of COVID-19 such as\u00a0curtailing\u00a0of staff during the lockdown period.<\/span>\u00a0<\/span><\/p>\n<\/div>\n

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Our\u00a0economic growth has been sliding since it grew by 5 per cent in\u00a0year\u00a02015.\u00a0Economic growth\u00a0has diminished\u00a0in the following years with the\u00a0growth diminishing to\u00a04.5 per cent in 2016, 3.6 per cent in 2017, 3.3 per cent in 2018 and 2.3 per cent in 2019.The authorities of\u00a0the Central Bank expected\u00a0the economy in 2020 to grow by 1.5 per\u00a0cent, which\u00a0is doubtful now in sure to end in negative growth.<\/span>\u00a0<\/span><\/p>\n<\/div>\n

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While victory at the polls is sweet music to the\u00a0SLPP, the new government nevertheless has daunting challenges to put the economy on track in the midst of a global recession\u00a0with\u00a0rising job losses.\u00a0With negative growth predictions, no budget for the entire 2020 with revenue figures from taxes also in\u00a0<\/span>descending<\/span>\u00a0trend\u00a0another hurdle amid mounting tax problems is the 2021 budget which is expected to be presented in November 2020 by the new government.<\/span>\u00a0<\/span><\/p>\n<\/div>\n

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Apparel exports for the whole of 2020 are likely to be $2 billion lower than last year, a 40 per cent drop in a worst-case scenario, according to some reports. Industry officials have said that the toughest period would be from September to December, while exporters expect orders to pick up from January 2021 onwards.<\/span>\u00a0<\/span><\/p>\n<\/div>\n

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Even if Sri Lanka is to reopen its borders by end August or early September, tourist arrival numbers would be much lower since many of the country\u2019s source markets in Europe and Asia are still closed for regular outbound traffic.<\/span>\u00a0<\/span><\/p>\n<\/div>\n

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What the new government needs is\u00a0<\/span>\u00a0a macroeconomic\u00a0<\/span>orientation<\/span>, an accelerated economic revival post- through an inclusive national development strategy, debt refinancing and strengthening public finance.These\u00a0are among the foremost economic challenges facing Sri Lanka. Going forward, there\u00a0should\u00a0be a\u00a0<\/span>hefty<\/span>\u00a0focus on agriculture in ensuring food security, along with more attention being given to local manufacturing and industries,as suggested by the authorities of the Ceylon Chamber of Commerce.\u00a0Among other things, that\u00a0<\/span>energizing<\/span>\u00a0the local SME sector\u00a0is one of the\u00a0core\u00a0areas of concern.<\/span>\u00a0<\/span><\/p>\n<\/div>\n

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There should be structural reforms\u00a0<\/span>compulso<\/span>rily to\u00a0<\/span>secure<\/span>\u00a0growth in several key focus areas such as digitization, health, education, food security, energy sufficiency and public enterprises. There\u00a0should be a greater focus on agriculture in driving food security.\u00a0More attention\u00a0should\u00a0give to local manufacturing and industries.\u00a0\u00a0This\u00a0focus would drive competitiveness in the industry so these sectors not only cater to the domestic demand but also reach foreign markets. How best could Sri Lanka\u2019s export sector be\u00a0<\/span>revital<\/span>ized.\u00a0The\u00a0continuation of the National Export Strategy by the government is welcome as it was a joint public and private sector strategy to drive exports.<\/span>\u00a0<\/span><\/p>\n<\/div>\n

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I<\/span>n the wake o<\/span>f\u00a0these\u00a0challenges, it is high time for all stakeholders, transcending party\u00a0politicians,\u00a0ethnicity, religion, language, or any of\u00a0other\u00a0identities which divide our people to join hands\u00a0by\u00a0resolving\u00a0to work for the uplift\u00a0the\u00a0social and economic reforms. Although, it is easier said than done, this course of action, would stand in good stead\u00a0to\u00a0<\/span>omen<\/span>\u00a0well for the country. Hence, the\u00a0<\/span>obligation<\/span>\u00a0lies on all citizens of this country to turn over a new leaf cooperating\u00a0with the incumbent government\u00a0sans diverse political affiliations. The need of the hour has to be\u00a0<\/span>agile<\/span>\u00a0proactive action to reverse the status<\/span>\u00a0q<\/span>uo of our economy, with the same\u00a0vigour\u00a0as is now been successfully\u00a0adhered\u00a0to curb the spread of Covid-19.<\/span>Importantly<\/span>\u00a0foreign investments\u00a0need\u00a0to be brought in by offering\u00a0<\/span>positive<\/span>\u00a0concessions and incentives to lure the multinational companies interested in investing in our country.\u00a0The dwindling tourism industry\u00a0need\u00a0to be revamped and developed to its full capacity in order to increase the numbers of tourist arrivals. New and ingenious ways of attracting tourists have to be\u00a0<\/span>dug-ed out<\/span>\u00a0by going the extra mile beyond the traditional beach\u00a0side luxurious hotels, safaris, ecotourism etc. Special attention has to be focused on foreign exchange\u00a0influx\u00a0\u00a0ventures\u00a0including migrant workers employed in Middle East and elsewhere. As the main source of foreign exchange\u00a0<\/span>generators, this sector has to be given\u00a0all\u00a0<\/span>\u00a0robust\u00a0<\/span>realizable<\/span>boost<\/span>\u00a0and\u00a0<\/span>mount<\/span>.<\/span>\u00a0<\/span><\/p>\n<\/div>\n

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The big wigs need to start thinking differently and out of the box to energize their subordinates<\/span>\u00a0the\u00a0need to work efficiently and effectively. Inevitably, they need to be proactive, rather than being passive and reactive, so as to lead\u00a0in\u00a0using\u00a0their\u00a0<\/span>professional prowess, leadership and their acumen to make things happen. Thereby, we may be able to fast track development and put our economy\u00a0on the right course.<\/span>\u00a0<\/span><\/p>\n<\/div>\n

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Soft pedaling, procrastination, playing the second fiddle shouldn\u2019t be allowed to\u00a0<\/span>turn\u00a0as<\/span>the order of the day. If this tendency is not kept in check, obviously\u00a0inefficiency,\u00a0 lethargy\u00a0could cascade down the rank and file of public institutions. Importantly, honesty, hard work and minimizing waste have to be practiced, promoted and rewarded.\u00a0Obviously\u00a0an end to corruption will\u00a0<\/span>benefit\u00a0t<\/span>he treasury.<\/span>\u00a0<\/span><\/p>\n<\/div>\n

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Beliefs, values, discipline, new\u00a0thinking\u00a0,\u00a0attitudes ,<\/span>law\u00a0and\u00a0order\u00a0need\u00a0<\/span>be instilled\u00a0<\/span>secure<\/span>ly\u00a0<\/span>in the society, through discourses, lectures and\u00a0<\/span>by<\/span>setting examples. In this respect parents, school teachers and religious leaders could play a vital role to bring about a positive change in attitude starting from childhood years. Focus has to be on cherishing pluralism, tolerance, amity, coexistence\u00a0etc; Main emphasis has to be\u00a0on\u00a0racial harmony through amity and coexistence. Undoubtedly, amity, peace and coexistence will enable\u00a0<\/span>in enhancing<\/span>\u00a0fast tracking development.<\/span>\u00a0<\/span><\/p>\n<\/div>\n

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Now that all cabinet and state ministers have been sworn to cover all areas, all of whom have vouched to deliver as never before\u00a0augurs well for our\u00a0future.No\u00a0doubt, that HE the President and the\u00a0Honourable\u00a0Prime Minister\u00a0<\/span>at the helm<\/span>with their foresightedness and wisdom will overcome\u00a0<\/span>this\u00a0herculean task\u00a0ahead.<\/span><\/span><\/p>\n

 <\/p>\n<\/div>\n

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Sunil\u00a0Thenabadu\u00a0in Brisbane<\/span>\u00a0<\/span><\/strong><\/p>\n<\/div>\n<\/div>\n<\/div>\n

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Daunting task for government amid sliding economy\u00a0 By Sunil Thenabadu The landslide resounding victory of the SLPP sweeping aside all opposing political parties in year 2020 like a \u201ctsunami\u201d would never have been even in the wildest dreams of any staunch supporter of the\u00a0party.\u00a0However\u00a0the top-notch politicians prior to the postponed election knew well the pathetic […]<\/p>\n","protected":false},"author":3,"featured_media":77406,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"aside","meta":{"footnotes":""},"categories":[20,35513,37869],"tags":[38786,38765,8927,38787,18076,38515,38784,38764,38783,38785],"class_list":{"0":"post-77404","1":"post","2":"type-post","3":"status-publish","4":"format-aside","5":"has-post-thumbnail","7":"category-articles","8":"category-elanka-finance","9":"category-sunil-thenabadu","10":"tag-amity","11":"tag-budget","12":"tag-central-bank","13":"tag-coexistence","14":"tag-covid-19-pandemic","15":"tag-economy","16":"tag-pluralism","17":"tag-public-finance","18":"tag-slpp","19":"tag-tolerance","20":"post_format-post-format-aside"},"yoast_head":"\nDaunting task for government amid sliding economy By Sunil Thenabadu - 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