27 June 2020 12:28 am
Dr. Hans Wijayasuriya
As Sri Lanka looks for avenues to move towards a positive growth trajectory, the Ceylon Chamber of Commerce (CCC) stressed that an accelerated post COVID-19 recovery will be predicated on the effective execution of a public-private shared vision for economic revival and social sustenance.
According to the re-elected CCC Chairman Dr. Hans Wijayasuriya, the revival and social sustenance will be based on a set of founding principles.
Pointing out three such principles, he shared that the first is the primacy for protection of life and livelihoods where Sri Lanka’s human development and socio-economic base line indicators are protected as an immediate priority.
The second is the setting of an ambition to achieve a ‘U shaped’ economic recovery at national average level with parallel focus on achieving a ‘V shaped’ recovery in targeted internal sectors centered on domestic production and services.
The third is the need and appetite for exceptional, bold and innovative measures which in the longer run will benefit all Sri Lankan citizens and businesses.
“Bold strategies supported by the Chamber would include those exceptional measures required to fund an adequately expansive stimulus towards livelihood protection, employment sustenance and institutional survival on the backdrop of external sector dynamics,” shared Dr. Wijayasuriya while addressing CCC’s 181st AGM earlier
this week.
He pointed out that Sri Lanka’s COVID-19 related economic challenges in the medium to long term will be based largely on the recovery of external sectors due to the high reliance of the economy on tourism, exports and foreign worker remittances.
Dr. Wijayasuriya also stressed that an accelerated economic recovery in the post Covid-19 era would require increased focus on the macro economic factors whilst improving the access of local businesses to global markets.
The achieving an accelerated economic recovery in the post COVID-19 era will call on Sri Lanka to double down on the fundamental tenets of domestic production, narrowing of the trade deficit, and a high degree of commitment towards the strengthening of fiscal and monetary disciplines,
he said.
“Necessary to maintain a positive growth trajectory is also the maintenance of macro stability and the elevation of sector competitiveness alongside a progressive approach to global market access,” noted
Dr. Wijayasuriya.
Meanwhile, he also pointed out that the fundamentals mirror the principal policy proposals featured in the Sri Lanka Economic Acceleration Framework (SLEAF) that was developed by a team of experts across the multiple sectors of the country.
Dr. Wijayasuriya said that the CCC looks forward to a recommitment of government focus towards the recalibration of public sector expenditure, the empowerment and upskilling of the civil service, a concerted effort towards SoE reform and Public Private Partnerships as modalities of capital mobilisation.
Furthermore, he added that it is also essential that balanced sectoral growth and strengthening of growth enablers encompassing digitisation, health, education, food security and energy sufficiency should be shared priorities of the private and public sectors.