Consumer market to shrink by 60% by April, unemployment rate to rise | Sri Lanka News

If the Central Bank Governor is unable to take a firm decision to prevent the contraction of the economy, the consumer market will shrink by 60% by April, the Sri Lanka United National Businesses Alliance (SLUNBA) said.

The consumer market had shrunk by 40% last December and due to this, the unemployment rate had increased.

The small and medium-sized enterprises (SMEs) will be forced to close their companies and while facing the current situation, the government is requesting that Sri Lanka should downsize the SME facilities, the SLUNBA said.

Therefore, SLUNBA Chairman Tanya Abesundara requested the government to take immediate action to protect the SMEs.

Meanwhile, National Construction Association of Sri Lanka (NCASL) Chairman Susantha Liyanaarachchi said the government did not control the dollar, but it had controlled inflation and created a recession while contracting the economy.

While describing the devaluation of the dollar and appreciation of the Sri Lankan rupee, he said the Etham market had not operated since March 2022 and the dollars in Sri Lanka had been saved.

“The dollar exchange rate was reduced, and people were forced to release their dollar reserves because they couldn't get more Sri Lankan rupees. Now people have no buying power. People do not have rupees in their hands,” he said. (Chaturanga Pradeep Samarawickrama)






Pix by Pradeep Dilrukshana

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