Eran criticises slow progress in achieving economic recovery

Wednesday, 30 August 2023 00:20 - - {{hitsCtrl.values.hits}}

Claims SL has failed to set its economic trajectory on right path
Accuses Govt. of concealing truth from the public
Blames Govt.’s lack of economic policy for putting off foreign investors

Samagi Jana Balawegaya (SJB) MP Eran Wickramaratne on Monday opined that Sri Lanka has yet failed to set its economic trajectory on the right path.

“In the first quarter of 2023, the economy contracted by 11.5%. The progress of the agriculture, industrial, and service sectors has come to a halt, marked by a decline in growth. Within a contracting economy, employment prospects are diminishing, accompanied by a decline in revenue,» he told journalists at a briefing.

Wickramaratne alleged that the Government is concealing the truth from the public.

“Despite the Government›s assertion of reduced inflation, the measured decline in the cost of goods does not align with the claimed decrease in inflation,” he said.

The MP noted that amid the nation›s economic context characterised by a diminishing trend in foreign investments and exports, the inflow of worker remittances has also substantially dwindled.

“Between 2015 and 2019, an annual gross remittance of approximately $ 7 billion was recorded. However, post-2019, the received remittances notably decreased, with the highest recorded amount in 2022 being $ 3.7 billion. Examining this trend, it is undeniable that the country›s earnings across all economic sectors are contracting,” Wickramaratne claimed.

He pointed out that the Government›s lack of a cohesive economic policy or consistent political stance within the administration has resulted in a decline in foreign investors coming into the country.

“While the peak investment of $ 2,139 million was attained in 2017, the initial quarter of 2023 saw a meagre influx of approximately $ 205 million. This stark disparity serves as evident testimony to the global lack of confidence in the Government,” he noted.