The reputed US-based Moody Economic Analytics Company predicts that the Sri Lankan economy would continue its recovery as the country puts behind it the sudden downturn due to the Easter bomb attacks last year. “We expect a strengthening tourism sector to drive continuing and gradual economic recovery in 2020, with real GDP growth picking up to 3.4% from the 2.6% we expect for 2019,” Moody said in its latest investor assessment report on Sri Lanka.
However, Moody said, “We do not expect the SME debt relief package or the broad-based tax cuts to significantly boost demand.”
The report said, “The debt moratorium is credit negative for Sri Lankan banks, while the sovereign because it risks increasing SMEs’ risk appetite and relaxing their attitude towards debt repayments. This in turn will undermine banks’ asset quality and constrain the sovereign’s credit profile.
The Commercial Bank of Ceylon celebrates 100 years of banking in Sri Lanka and in its citizens, and a century of indispensable support to the national economy in 2020, and has begun its centenary year with a staff gathering of unprecedented scale.
The dreams of the future and the history of the past were interwoven when more than 4,000 staff members from all over Sri Lanka came together in Colombo in early January to celebrate the 100th anniversary of the Bank and its forerunners.
The staff gathering that united employees of the country’s largest private bank was the launching pad for what is to be a year of commemoration, celebration and further commitment to stakeholders and the community by an institution that has, in the course of a century, become an integral part of the economic and social fabric of Sri Lanka.
The Founder President of Sri Lanka’s Confederation of Micro, Small and Medium Industries (COSMI) has been appointed as the Co-Chairperson of the London based Global Peace Institute (GPI) which conducts interdisciplinary research in several thematic fields including international relations and politics.
By this high profile appointment made on 15 January, GPI seeks COSMI Founder President Nawaz Rajabdeen’s contributions to improve its training and research efforts.
GPI is a think tank run by the UK based Global Peace Ins. (GPI) CIC, an independent non-profit, non-governmental organization. GPI works for global peace and resilience through peace education, dialogue, training, creating awareness and research. COSMI Founder President Rajabdeen, as an honorary member, is also tasked by GPI to promote its programs, add value to research work, and also will be required to attend various GPI events.
“I am thankful to GPI for enlisting me for their ongoing and vast efforts” said COSMI Founder President Rajabdeen, and added: “In-depth research is vital for any country before it introduces new economic and industry policies and even to further develop the MSME sector. GPI’s vast scope helps COSMI’s work to revive Sri Lanka’s industries.”