Features
Prospects for global capitalism 2023 and after
by Kumar David
There are different ways to periodise the modern world and one that I find meaningful in relation to modern times is post-pandemic and pre-pandemic (or post-Covid and pre-Covid) with the boundary in December 2019 when the WHO reported many cases in Wuhan, China. The Covid defined boundary is dramatic as it is physical (medical), economic and psychological. Prior to this the boundaries at which the world changed dramatically were economic, political or wars. Say in response to the financial crisis of 2009 Obama enacted the American Recovery and Reinvestment Act whose primary purpose was to bail out American capitalism (banks, insurance companies and manufacturing companies). Secondary objectives were to save jobs and invest in infrastructure, education, health, and renewable energy. The total commitment of Obama’s Troubled Assets Program was $830 billion.
The U.S. Congress passed a $2.2 trillion stimulus bill called the Coronavirus Aid, Relief, and Economic Security Act (CARES) in March 2020 to blunt the economic damage set in motion by the global coronavirus pandemic. With most forecasters at the time predicting that the U.S. economy was either already in a recession or heading into one, policymakers crafted legislation that dedicated historic levels of government funding to support large and small businesses, industries, individuals, families, gig workers, independent contractors, and the healthcare system. Then came Joe Biden’s American Rescue Plan of 2021 which includes $1.9 trillion on Covid recovery measures (probably partly overlapping CARES commitments) and $2.3 trillion on income support, subsidies for small business and unemployment benefits. The significant point is that since the melt down of global capitalism known as the Great Recession the United States alone has committed about $5 trillion, well above half in an attempt to forestall a pronounced domestic and worldwide economic crisis and maybe 30-40% on fighting Covid, improving healthcare services and protecting the elderly.
American statistics are easy to find, reliable and available in English. America makes up more than half of global state-led capital expenditure on recovery programmes. Extrapolating I guess I could safely stick my thumb in the air and conjecture that the money spent by world governments in attempts to prop up global capitalism from 2009 up to the present is about $10 trillion. And all indications post-2023 are that this mission will be singularly unsuccessful! The world seems poised for a severe recession in 2023 and the post-2023 period.

Peering into future what are the significant short-term indicators visible, leaving aside Covid (and that’s a lot to neglect). In no particular order the five interconnected quarterly indexes that are important to follow are: primary consumer price inflation; central bank interest rates – particularly the FED whose rates drive the others; nominal quarterly GDP growth rates in different countries; national exchange rates against the dollar; and finally the state of play in the economic and strategic competition between China and the USA. Annualised inflation in the US was about 9% (November 2022) and higher in much of Western Europe (over 10% in the UK), though forecasts are that inflation in 2023 (6.5%) will not be as bad as 2022 (annualised 8.8%) in the US. But inflation expectations in US will be well above the FED’s 2% target and its interest rates can be expected to remain high.
The demon of Stagflation is terrifying the FED. Annualised inflation of about 9% in November 2022 and higher in much of Western Europe (over 10% in the UK). Though forecasts are that inflation in 2023 (6.5%) in the US will not be as bad as 2022 (8.8%), inflation expectation is well above the FED’s 2% target and the FED’s interest rates can be expected to remain high. The statistics in today’s column are culled from several sources including the IMF, the World Bank and financial publications, and take account of the views of expert forecasters balanced by my own carefully controlled judgements so as to give my readers the best.
The scene is depressing. Global growth will slow to say 2.7% in 2023 (4.5% in China, 1.5% in the US and negative in Russia). Many more countries are facing recession and the trend will persist with distressing consequences for developing economies. Shift from consumption to policies that target currency stability, Growth in production and meeting IMF guidelines will invoke serious internal political conflict. Burglary is spreading in Lanka as the hungry become desperate for food. Any and every approach to development seems inadequate during a global depression. A future NPP-JVP government, probably in an alliance with progressive liberal entities, will need to strategize with great care. Doing well at the next elections is not a solution for the NPP-JVP, it is only the beginning of its headaches, but it’s an unavoidable rite of passage.
Let me now comment on the big-capital picture. The world is awash with excess capital. Rising interest rates make Treasuries and Equities unattractive, overseas investment faces post-Covid obstacles and China is no longer the open-house for investors that it was in the Deng Xiao-ping years. The changes in internal class relations also affects the dynamics. People say the Twenty-first is Asia’s century and unless one walks through the malls of Shenzhen and Guangzhou and marvel at the transformation of Shanghai it does not strike one personally that it is a middle-income country with a middle-class more numerous than the entire population of the USA.
Political tensions and competition for global domination not capital and technology hunger now rule China-US complications. Thirty-seven thousand cases of Covid-Omicron were reported in one day (13 Dec) because of lifting of the Zero-Covid policy due to political imperatives. Bloomberg on Christmas Eve reported that a spike in infections had reached 250,000 to 300,000 a day in the southern city of Dongguan. There will be 250-millon new Omicron infections in the first 30 days of December say other reports. Xi loyalists are now in a funk that Xi’s third-term and life-time appointment will come under challenge for reasons of policy incompetence. This as an example of how the unforeseen, not just in China but anywhere (Ukraine, Russia, Iran, USA) can blow history into uncharted waters in these uncertain times whose backdrop is a pending global economic recession.
If big capital departs Treasuries and Equities, if private venture and start up opportunities are not firing up, if companies in the metropolitan centres are not expanding big time in production and technology, inevitably there is a decline in the rate of profit. Post-2023 forecasts are bleak for big-capital and most business/finance magazines and experts see a global recession on the horizon. There is however a word of caution; do not put any faith in the opinions of brokers and market analysts whose role is to advice their clients about what stocks to buy or sell at a moment’s notice, what to “short” or “long” and how to make a quick buck tomorrow before lunch. That is an entirely different game and of little use for understanding global or domestic financial, economic or structural movements. The same is true for daily oil-price, gold or commodity price movements. What is relevant for the purposes of an essay such as this is to see the longer-term secular or trend-setting influences.
I have enumerated the examinations and accounts of global analysts and institutions about world economic trends in the 2023+ period. I have adjusted a little here or there to make it more useful. The big picture is largely driven by objective and materialist factors and therefore predictable. The small scale is not predictable but more fun. Take Ranil for example. His personal vote in 2015 was perhaps the largest ever, he and his party were wiped out in 2020, President of the Republic in 2022 and what next? I have no clue.
Features
Cricket and the National Interest
The appointment of former minister Eran Wickremaratne to chair the Sri Lanka Cricket Transformation Committee is significant for more than the future of cricket. It signals a possible shift in the culture of governance even as it offers Sri Lankan cricket a fighting possibility to get out of the doldrums of failure. There have been glorious patches for the national cricket team since the epochal 1996 World Cup triumph. But these patches of brightness have been few and far between and virtually non-existent over the past decade. At the centre of this disaster has been the failures of governance within Sri Lanka Cricket which are not unlike the larger failures of governance within the country itself. The appointment of a new reform oriented committee therefore carries significance beyond cricket. It reflects the wider challenge facing the country which is to restore trust in public institutions for better management.
The appointment of Eran Wickremaratne brings a professional administrator with a proven track record into the cricket arena. He has several strengths that many of his immediate predecessors lacked. Before the ascent of the present government leadership to positions of power, Eran Wickremaratne was among the handful of government ministers who did not have allegations of corruption attached to their names. His reputation for financial professionalism and integrity has remained intact over many years in public life. With him in the Cricket Transformation Committee are also respected former cricketers Kumar Sangakkara, Roshan Mahanama and Sidath Wettimuny together with professionals from legal and business backgrounds. They have been tasked with introducing structural reforms and improving transparency and accountability within cricket administration.
A second reason for this appointment to be significant is that this is possibly the first occasion on which the NPP government has reached out to someone associated with the opposition to obtain assistance in an area of national importance. The commitment to bipartisanship has been a constant demand from politically non-partisan civic groups and political analysts. They have voiced the opinion that the government needs to be more inclusive in its choice of appointments to decision making authorities. The NPP government’s practice so far has largely been to limit appointments to those within the ruling party or those considered loyalists even at the cost of proven expertise. The government’s decision in this case therefore marks a potentially important departure.
National Interest
There are areas of public life where national interest should transcend party divisions and cricket, beloved of the people, is one of them. Sri Lanka cannot afford to continue treating every institution as an arena for political competition when institutions themselves are in crisis and public confidence has become fragile. It is therefore unfortunate that when the government has moved positively in the direction of drawing on expertise from outside its own ranks there should be a negative response from sections of the opposition. This is indicative of the absence of a culture of bipartisanship even on issues that concern the national interest. The SJB, of which the newly appointed cricket committee chairman was a member objected on the grounds that politicians should not hold positions in sports administration and asked him to resign from the party. There is a need to recognise the distinction between partisan political control and the temporary use of experienced administrators to carry out reform and institutional restructuring. In other countries those in politics often join academia and civil society on a temporary basis and vice versa.
More disturbing has been the insidious campaign carried out against the new cricket committee and its chairman on the grounds of religious affiliation. This is an unacceptable denial of the reality that Sri Lanka is a plural, multi ethnic and multi religious society. The interim committee reflects this diversity to a reasonable extent. The country’s long history of ethnic conflict should have taught all political actors the dangers of mobilising communal prejudice for short term political gain. Sri Lanka paid a very heavy price for decades of mistrust and division. It would be tragic if even cricket administration became another arena for communal suspicion and hostility. The present government represents an important departure from the sectarian rhetoric that was employed by previous governments. They have repeatedly pledged to protect the equal rights of all citizens and not permit discrimination or extremism in any form.
The recent international peace march in Sri Lanka led by the Venerable Bhikkhu Thich Paññākāra from Vietnam with its message of loving kindness and mindfulness to all resonated strongly with the masses of people as seen by the crowds who thronged the roadsides to obtain blessings and show respect. This message stands in contrast to the sectarian resentment manifested by those who seek to use the cricket appointments as a weapon to attack the government at the present time. The challenges before the Sri Lanka Cricket Transformation Committee parallel the larger challenges before the government in developing the national economy and respecting ethnic and religious diversity. Plugging the leaks and restoring systems will take time and effort. It cannot be done overnight and it cannot succeed without public patience and support.
New Recognition
There is also a need for realism. The appointment of Eran Wickremaratne and the new committee does not guarantee success. Reforming deeply flawed institutions is always difficult. Besides, Sri Lanka is a small country with a relatively small population compared to many other cricket playing nations. It is also a country still recovering from the economic breakdown of 2022 which pushed the majority of people into hardship and severely weakened public institutions. The country continues to face unprecedented challenges including the damage caused by Cyclone Ditwah and the wider global economic uncertainties linked to conflict in the Middle East. Under these difficult circumstances Sri Lanka has fewer resources than many larger countries to devote to both cricket and economic development.
When resources are scarce they cannot be wasted through corruption or incompetence. Drawing upon the strengths of all those who are competent for the tasks at hand regardless of party affiliation or ethnic or religious identity is necessary if improvement is to come sooner rather than later. The burden of rebuilding the country cannot rest only on the government. The crisis facing the country is too deep for any single party or government to solve alone. National recovery requires capable individuals from across society and from different sectors such as business and civil society to work together in areas where the national interest transcends party politics. There is also a responsibility on opposition political parties to support initiatives that are politically neutral and genuinely in the national interest. Not every issue needs to become a partisan battle.
Sri Lanka cricket occupies a special place in the national consciousness. At its best it once united the country and gave Sri Lankans a sense of pride and international recognition. Restoring integrity and professionalism to cricket administration can therefore become part of the larger task of national renewal. The appointment of Eran Wickremaratne and the new committee, while it does not guarantee success, is a sign that the political leadership and people of the country may be beginning to mature in their approach to governance. In recognising the need for competence, integrity and bipartisan cooperation and extending it beyond cricket into other areas of national life, Sri Lanka may find the way towards more stable and successful governance..
by Jehan Perera
Features
From Dhaka to Sri Lanka, three wheels that drive our economies
Court vacation this year came with an unexpected lesson, not from a courtroom but from the streets of Dhaka — a city that moves, quite literally, on three wheels.
Above the traffic, a modern metro line glides past concrete pillars and crowded rooftops. It is efficient, clean and frequently cited as a symbol of progress in Bangladesh. For a visitor from Sri Lanka, it inevitably brings to mind our own abandoned light rail plans — a project debated, politicised and ultimately set aside.
But Dhaka’s real story is not in the air. It is on the ground.
Beneath the elevated tracks, the streets belong to three-wheelers. Known locally as CNGs, they cluster at junctions, line the edges of markets and pour into narrow roads that larger vehicles avoid. Even with a functioning rail system, these three-wheelers remain the city’s most dependable form of everyday transport.
Within hours of arriving, their importance becomes obvious. The train may take you across the city, but the journey does not end there. The last mile — often the most complicated part — belongs entirely to the three-wheeler. It is the vehicle that gets you home, to a meeting or simply through streets that no bus route properly serves.
There is a rhythm to using them. A destination is mentioned, a price is suggested and a brief negotiation follows. Then the ride begins, edging into traffic that feels permanently compressed. Drivers move with instinct, adjusting routes and squeezing through gaps with a confidence built over years.
It is not polished. But it works.
And that is where the comparison with Sri Lanka becomes less about what we lack and more about what we already have.
Back home, the three-wheeler has long been part of daily life — so familiar that it is often discussed only in terms of its problems. There are frequent complaints about fares, refusals or the absence of meters. More recently, the industry itself has become entangled in politics — from fuel subsidies to regulatory debates, from election-time promises to periodic crackdowns.
In that process, the conversation has shifted. The three-wheeler is often treated as a problem to be managed, rather than a service to be strengthened.
Yet, seen through the experience of Dhaka, Sri Lanka’s system begins to look far more settled — and, in many ways, ahead.
There is a growing structure in place. Meters, while not perfect, are widely recognised. Ride-hailing apps have added transparency and reduced uncertainty for passengers. There are clearer expectations on both sides — driver and commuter alike. Even small details, such as designated parking areas in parts of Colombo or the increasing standard of vehicles, point to an industry slowly moving towards professionalism.
Just as importantly, there is a human element that remains intact.
In Sri Lanka, a three-wheeler ride is rarely just a transaction. Drivers talk. They offer directions, comment on the day’s news, or share local knowledge. The ride becomes part of the social fabric, not just a means of getting from one point to another.
In Dhaka, the scale of the city leaves less room for that. The interaction is quicker, more direct, shaped by urgency. The service is essential, but it is under constant pressure.
What stands out, across both countries, is that the three-wheeler is not a temporary or outdated mode of transport. It is a necessity in dense, fast-growing Asian cities — one that fills gaps no rail or bus system can fully address.
Large infrastructure projects, like light rail, are important. They bring efficiency and long-term capacity. But they cannot replace the flexibility of a three-wheeler. They cannot reach into narrow streets, respond instantly to demand or provide that crucial last-mile connection.
That is why, even in a city that has invested heavily in modern rail, Dhaka still runs on three wheels.
For Sri Lanka, the lesson is not simply about what could have been built, but about what should be better managed and valued.
The three-wheeler industry does not need to be politicised at every turn. It needs steady regulation — clear fare systems, proper licensing, safety standards — alongside encouragement and recognition. It needs to be seen as part of the solution to urban transport, not as a side issue.
Because for thousands of drivers, it is a livelihood. And for millions of passengers, it is the most immediate and reliable form of mobility.
The tuk-tuk may not feature in grand policy speeches or infrastructure blueprints. It does not run on elevated tracks or attract international attention. But on the ground, where daily life unfolds, it continues to do what larger systems often struggle to do — show up, adapt and keep moving.
And after watching Dhaka’s streets — crowded, relentless, yet functioning — that small, three-wheeled vehicle feels less like something to argue over and more like something to get right.
(The writer is an Attorney-at-Law with over a decade of experience specialising in civil law, a former Board Member of the Office of Missing Persons and a former Legal Director of the Central Cultural Fund. He holds an LLM in International Business Law)
by Sampath Perera recently in Dhaka, Bangladesh
Features
Dubai scene … opening up
According to reports coming my way, the entertainment scene, in Dubai, is very much opening up, and buzzing again!
After a quieter few months, May is packed with entertainment and the whole scene, they say, is shifting back into full swing.
The Seven Notes band, made up of Sri Lankans, based in Dubai, are back in the spotlight, after a short hiatus, due to the ongoing Middle East problems.
On 18th April they did Legends Night at Mercure Hotel Dubai Barsha Heights; on Thursday, 9th May, they will be at the Sports Bar of the Mercure Hotel for 70s/80s Retro Night; on 6th June, they will be at Al Jadaf Dubai to provide the music for Sandun Perera live in concert … and with more dates to follow.
These events are expected to showcase the band’s evolving sound, tighter stage coordination, and stronger audience engagement.
With each performance, the band aims to refine its identity and build a loyal following within Dubai’s vibrant nightlife and event scene.

Pasindu Umayanga: The group’s new vocalist
What makes Seven Notes standout is their versatility which has made the band a dynamic and promising act.
With a growing performance calendar, new talent integration, and international ambitions, the band is definitely entering a defining phase of its journey.
Dubai’s music industry, I’m told, thrives on diversity, energy, and audience connection, with live bands playing a crucial role in elevating events—from corporate shows to private concerts. Against this backdrop, Seven Notes is positioning itself not just as another band, but as a performance-driven musical unit focused on consistency and growth.
Adding fresh momentum to the group is Pasindu Umayanga who joins Seven Notes as their new vocalist. This move signals a strategic upgrade—not just filling a role, but strengthening the band’s front-line presence.
Looking beyond local stages, Seven Notes is preparing for an international tour, to Korea, in July.

Bassist Niluk Uswaththa: Spokesperson for Seven Notes
According to bassist Niluk Uswaththa, taking a band abroad means: Your sound must hold up against unfamiliar audiences, your performance must translate beyond language, and your discipline must be at a professional level.
“If executed well, this tour could redefine Seven Notes from a local band into an emerging international act,” added Niluk.
He went on to say that Dubai is not an easy market. It’s saturated with highly experienced, multi-genre bands that can adapt instantly to any crowd.
“To stand out consistently you need to have tight rehearsal discipline, unique sound identity (not just covers), strong stage chemistry, audience retention – not just applause.”
No doubt, Seven Notes is entering a critical growth phase—new member, multiple shows, and an international tour on the horizon. The opportunity is real, but so is the pressure.
However, there is talk that Seven Notes will soon be a recognised name in the regional music scene.
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