PRIVATE SECTOR IS THE PILLAR OF OPEN ECONOMY AND IT IS COLLAPSING?
Posted on August 25th, 2018

Dr Sarath Obeysekera

Ordinary people are not aware that major private companies are facing difficulties. They cannot   even pay salaries.Big construction companies who have been providing support to generate  employment are facing bankruptcy.

Large Chinese companies have invaded Sri Lanka taking over all the construction work. One  property developer which provide flats to people at Fair Prices”  owe over 3-4 billion to another Sri Lankan construction Company .Multi discipline conglomerate who had undertaken government contracts are not getting any more work  and state agencies own them billions .Government boasts about economic growth as stated by learned central bank governor .

Many new entrepreneurs who have grown fast are moving into retail supermarket because they will entertain free cash flow with many creditors waiting to pay.

Our economy is collapsing despite the claim by the governor

Quote

Economic growth in 2Q will improve – CB Governor

‘As economy is soft no need to tighten monetary policy’

By Lalin FernandopulleBusiness

The Central Bank is in the process of revising the country’s economic growth target for this year which was initially set at between 4 to 4.5 % , Central Bank Governor Dr. Indrajit Coomaraswamy told journalists at a media briefing held at the Central Bank to announce the Monetary Policy stance of the Central Bank on Friday. I think 5% is a very ambitious target considering the 3.2 % growth rate recorded in the first quarter this year.

This is humbug

Dr Sarath Obeysekera

 

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