Economic Association annual sessions to focus on national economic goals midst global challenges

The 2011 Annual Sessions of the Sri Lanka Economic Association (SLEA) slated for 14 and 15 October will focus on the theme ‘Achieving National Economic Goals in the midst of Global Challenges’.

The Inaugural Session on Friday 14 October (4 to 7 p.m.) will be followed by the Theme Seminar on the following day, Saturday 15 October (9 a.m.to 6 p.m.). The Sessions will be inaugurated by Dr. Sarath Amunugama, Senior Minister of International Monetary Cooperation, while Dr. Koshy Mathai, IMF Resident Representative for Sri Lanka and Maldives, will be the Keynote Speaker.

Commenting on the objective of the theme seminar SLEA said the defeat of terrorism in 2009 opened up a new vista of growth and prosperity in Sri Lanka, releasing the resources which were diverted to the war effort and enhancing the environment for investment in the country.

As outlined in the ‘Mahinda Chinthana – Vision for the Future,’ the Government’s aim is to make Sri Lanka the ‘Wonder of Asia’ by developing it as a naval, aviation, commercial, energy and knowledge hub. A high level of investment, sustainability of economic growth, and the maintenance of stability in other macroeconomic indicators would be prerequisites to leapfrogging into growth and prosperity in the country.

However, the shocks emanating from the external environment such as the volatility of oil and other commodity prices, political upheavals, particularly in Middle Eastern countries, slower than expected recovery in Western economies, protectionist tendencies, and natural disasters are some of the forces which would have a direct bearing on the expected outcomes.

In this context, the theme ‘Achieving National Economic Goals in the Midst of Global Challenges’ assumes a particular significance.

The SLEA’s Annual Sessions will lay special emphasis on how far external shocks would impact on inflation, balance of payments, FDI flows, exchange rate and other macroeconomic fundamentals.

The Annual Sessions will also examine strategies and policies that have to be pursued to mitigate the potential risks from external developments to inflation outlook, exchange rate, foreign reserves, balance of payments, FDI and other financial flows. An open discussion of the risks arising from the global forces would give policy makers and practitioners the required awareness to formulate action plans and be prepared to face challenges successfully.

On 15 October Technical Session 1 will be ‘Emerging Supply Shocks and Demand Pressures’ with Chairman W.A. Wijewardena and speakers being Economic Impact of Energy Prices by Dr. Tilak Siyambalapitiya, Commodity Prices and Inflation by C.P.A. Karunatilake.

Discussant will be Prof. S.S. Colombage. Technical Session II will be on Impact of Trade Imbalances with Prof. Upali Vidanapathirana as Chairman and speakers are Trade Policies and Trade Agreements by Dr. Saman Kelegama, Protectionism vs. Free Trade by Dr. M. Ganeshamoorthy and Discussant is Sarath Rajapatirana.

Technical Session III will focus on the Role of External Finance with Prof. B. Hewavitharana as session Chair and speakers will be Prospects for and Risks in FDI and Portfolio Flows by Prof. Anoma Abhayaratne and Impact on Remittances and Employment Opportunities by Prof. H D Karunaratne. Discussant at this session is R.M.B. Senanayake. The final technical session will be on the Imperative of Inclusive Development with Dr. Nimal Sanderatne as chairman and the issue of Poverty and Deprivation.

Centre for Poverty Analysis Economic and Social Equity presented by Dr. R. M. K Ratnayake. Discussant will be Prof. Hiran Dias. SLEA annual sessions will also include a Student Session with Prof. H. D. Karunarathna in the chair whilst closing session chairman will be Prof. A.D.V. de S. Indraratna. The Annual General Meeting will follow.