Weekly Business and Financial Inquiry
As we mentioned in the previous article, from this week onwards, for the benefit of Sri Lankan readers, we present a simple survey of our economic, business and financial markets.
A key indicator in measuring a country's economic development is its gross national product (GDP) in a year.
It can be done quarterly or every six months. Sri Lanka's economic growth rate has been positive every year, with the exception of the global economic crises of 1997-2001 and 2008, before the outbreak of the Kovid 19 epidemic.
However, due to the closure of all our industries (Locked Down) industries and businesses from March 20, 2020, the total value of GDP, ie all the products and services of our country, has decreased by 1.61% in the first quarter of 2020. That is compared to the year 2019.
It is problematic that the Department of Gross Domestic Product (GDP) for the second quarter has not yet been released by the relevant Census and Statistics Department.
The daily use of statistics, indicators, articles, research articles, etc. by the international media and individual governments shows that there is a lack of all this in our country. Or in a modern society of technology and large-scale data analysis and decision making, the failure to release these indicators, values, and charts can be likened to a patient with corona not deliberately doing a PCR test.
Or it is a mistake to check the fever level of a person suffering from high fever every six hours and not to record it. Otherwise it should be mentioned here as an unforgivable (Blunder) offense.
Before we talk about the situation in Sri Lanka, let's talk about the international situation. By the second month, the U.S. had lost 25 million jobs. 38 million in the third and fourth months.
The U.S. Department of Social Security reports daily that factories and businesses have closed, restaurants and hotels have closed, flights have closed, resorts and hotels have closed, and massage parlors have lost registered prostitutes. Under the country's system, employees can claim their gratuity as soon as they lose their job.
Last week, the same sector reported that nearly 10 million people were re-employed. The International Aviation Association estimates that 600,000 people have lost their jobs in the aviation industry.
AMAZON in the United States said it had added 600,000 new jobs after the post-Covid 19 period. Hundreds of other examples can be given internationally about the presentation of statistics.
Where are the statistics in Sri Lanka?
How will the government take future decisions if the value of the second quarter GDP and the negative and negative amount are not presented on time? No one knows how many people lost their jobs in Sri Lanka due to this epidemic.
How many Sri Lankans who have worked abroad have lost their jobs? What is the loss of income for the families? An economy cannot be planned forward without knowing the facts.
The primary responsibility for this is
* Department of Labor
* Board of Investment
* Department of Statistics
* Central Bank of Sri Lanka
* Ministry of Industry
Non Governmental Chambers of Commerce.
Today, without these statistics and indicators, the government is moving in the dark. If so, it will be the responsibility of the government to create a platform with good statistics, indicators and graphics to accelerate post-corona economic development.
- Sena Sooriyapperuma-