“Trade is no longer the engine of global growth it once was”

‘Uncertainty could affect consumption and investment decisions’

By Sanath Nanayakkare

Om March 6, 2025, the International Monetary Fund (IMF) raised alarms over sustained global economic uncertainty and the disruptive effects of recent U.S. tariff measures during a press briefing, with Director of Communications Julie Kozack emphasizing the need for vigilant policy responses.

“A comprehensive analysis of these challenges will be detailed in the IMF’s World Economic Outlook (WEO) report, set for release in April,” she said.

Kozack addressed newly imposed U.S. tariffs on Canada, Mexico, and China, warning of “significant adverse economic impacts” on closely integrated economies like Canada and Mexico. “Given their strong exposure to the U.S. market, sustained tariffs could disrupt trade flows and inflation dynamics,” she stated. China, Canada, and Mexico have already announced retaliatory measures, amplifying concerns about escalating trade fragmentation.

The IMF linked these developments to a broader decline in global trade growth, which has slowed from an annual average of 6% (2000–2019) to about 3% since 2022. Kozack noted that “trade is no longer the engine of global growth it once was,” citing structural shifts such as the rise of AI, changing capital flows, and geopolitical recalibrations.

Elevated uncertainty, reflected in rising volatility indices like the VIX, poses additional risks. “Sustained periods of uncertainty historically lead households and firms to delay consumption and investment decisions,” Kozack explained, stressing that prolonged uncertainty could dampen recovery efforts. Financial markets have also reacted to shifting expectations, with U.S. 10-year bond yields declining as investors reassess monetary policy trajectories.

The IMF will publish a detailed assessment of tariff impacts, uncertainty, and growth forecasts in its April World Economic Fotum (WEO). Kozack confirmed the report will include country-specific analyses through Article IV consultations and regional updates, particularly for nations most affected by trade tensions. “The findings will underscore the importance of consistent fiscal, monetary, and structural policies to navigate these headwinds,” she added.

While refraining from commenting on specific political developments, Kozack reiterated the IMF’s call for multilateral cooperation to mitigate fragmentation risks. She highlighted the institution’s role in advising governments on growth-enhancing reforms and stabilizing measures amid evolving challenges.

The April WEO is anticipated to provide critical insights for policymakers as they balance inflation control, debt sustainability, and growth in an increasingly uncertain global landscape.

As Lanka Hospitals Women’s Wellness Centre approaches a decade of excellence in championing women’s well-being, the hospital is marking this milestone with a momentous celebration of International Women’s Day. This special occasion highlights Lanka Hospitals’ ongoing commitment to providing world-class healthcare tailored to the unique needs of women at every stage of life.

Originally established in 2016, the Women’s Wellness Centre has been a trusted provider of comprehensive healthcare services, offering holistic screening packages and advanced diagnostic and treatment options. As it marks this significant milestone, the WWC introduces upgraded medical technologies, a broader range of specialized services, and a patient-centered approach designed to provide women with world-class healthcare in a comfortable and private setting.

“As a leader in healthcare, we are committed to continuously enhancing our services to support the well-being of women,” said Deepthi Lokuarachchi, Chief Executive Officer at Lanka Hospitals. “This re-launch is more than an upgrade—it is a renewed promise to provide accessible, high-quality, and comprehensive care to women, ensuring they receive the best medical attention at every stage of life.”

As part of the celebrations, Lanka Hospitals is making essential health screenings more accessible by offering mammograms, Pap smear testing, at significantly reduced prices. This initiative aims to encourage proactive health management and early detection, ultimately contributing to improved well-being among women. Additionally, the hospital is extending a 20% discount on hospital charges for cosmetic surgeries, further emphasizing its commitment to supporting women’s confidence and self-care.

“Beyond Women’s Day, it’s going to be a year-round mission”

By Sanath Nanayakkare

On International Women’s Day, SriLankan Airlines etched a bold statement in the skies, operating a historic all-female crew flight from Colombo to Bangkok.

The journey, staffed entirely by women—from pilots to cabin crew and ground operations—symbolized the airline’s unwavering commitment to gender diversity and its vision to inspire a new generation of women in aviation.

In an exclusive interview with The Island, Deepal Perera, Manager, Corporate Communications at SriLankan Airlines, shared insights into the initiative’s significance, challenges, and the airline’s broader mission to redefine gender roles in a traditionally male-dominated industry.

He told us that it was not only a celebration of women’s talent and progress, it was also a powerful story of inclusivity in the aviation sector and how SriLankan is playing its part to contribute to it.

Cabin crew

“The flight was more than a symbolic gesture; it was a testament to the airline’s growing roster of female professionals. We have remarkable women excelling as pilots, engineers, and leaders across all departments,” Perera emphasized. “This flight celebrates their achievements and sends a clear message; aviation is a space where Sri Lankan women belong and thrive.”

When asked how the event aligns with the airline’s values, Perera highlighted consistency. “This isn’t our first all-female crew flight, and it won’t be the last. We’re committed to action, not just words, in promoting inclusivity.”

To amplify the initiative’s impact, SriLankan Airlines invited national media to document the journey, betting on storytelling to spark change. “We want young women to see these role models and think, ‘I can do this too,’” Perera explained. The airline anticipates organic engagement through social media, where stories of the crew’s professionalism and passion may resonate globally.

While competitors have hosted similar flights, Perera believes SriLankan’s sustained efforts set it apart. “Consistency is key. We’re here for the long haul—breaking barriers year after year.”

For frequent flyers, the initiative reinforces SriLankan’s reputation as a progressive brand. “Travellers today value inclusivity,” Perera noted. “This isn’t just about loyalty; it’s about aligning with a vision that empowers people.” He expressed confidence that the airline’s actions would strengthen its identity as a forward-thinking organization and would help normalize female leadership in aviation.

Deepal Perera, Manager, Corporate Communications

When asked whether organizing this flight required meticulous coordination, Perera admitted that aligning schedules and ensuring seamless execution was complex.

“Yet the experience underscored the value of early planning and transparent communication—lessons that will shape our future projects,” he added.

“As the aircraft touched down in Bangkok, it carried more than passengers—it carried a promise. For SriLankan Airlines, the flight was a microcosm of its broader mission; to prove that diversity fuels excellence,” he said.

Concluding his thoughts, Perera said,” We say to young women consider aviation, dare to dream. The cockpit, the operations control centre, the engineering bay—these are your spaces too.”

In a world where gender equality remains a journey, SriLankan Airlines is determined to keep climbing. And as this Women’s Day flight showed, the journey is evolving in its truest sense.