News
Economy shows signs of recovery; CBSL optimistic
The country’s economy has contracted at the rate of 3.1% in the second quarter of 2023, according to recent data by the Census and Statistics Department. The Department in its estimated Gross Domestic Product (GDP) for the second quarter of 2023, on Friday said that this economic downturn marked an improvement from the alarming 11.5% contraction experienced in the first three months of 2023, indicating a gradual recovery.
The year-on-year GDP growth rate for Q2 2023 registered a negative 3.1%. During the same period, the overall industry and services sectors saw declines of 11.5% and 0.8%, respectively, while agriculture activities grew by 3.6%. The country’s three primary economic sectors, ‘Agriculture,’ ‘Industry,’ and ‘Services,’ contributed 10.4%, 27.0%, and 56.8% to the GDP at current prices, with the ‘Taxes less subsidies on products’ component contributing 5.8% in the same period.
Comparing Q2 2023 to the second quarter of 2022, Sri Lanka’s GDP at constant price (2015) decreased from Rs. 2,680,074 million to Rs. 2,597,441 million. Conversely, the GDP at current prices for the same quarters increased from Rs. 5,442,362 million to Rs. 6,145,451 million, showing a notable 12.9% positive change in the current price GDP.
The Central Bank of Sri Lanka (CBSL) on Thursday in its annual report said that Sri Lanka’s economic challenges were expected to persist into 2023, and projected a 2% contraction for the year. However, the bank expressed optimism, forecasting a 3.3% growth rate for 2024. This cautious outlook follows a tumultuous 2022 when the economy contracted by 7.8%, marked by political instability, surging inflation, and significant currency devaluation due to dwindling foreign exchange reserves.
Prime Minister Harini Amarasuriya yesterday sad that the Executive Presidency would be abolished, in line with the NPP’s election manifesto.
Speaking in Parliament, in response to a question raised under Standing Order 27/2 by Opposition and SJB Leader Sajith Premadasa, the Prime Minister said the abolition would take place through a proposed new Constitution.
She added that preliminary work on drafting the new Constitution had already begun, with previous committee reports and other proposals being studied to guide the process.
“A concept paper on the draft will be presented to the Cabinet,” Amarasuriya said, noting that a formal study has been initiated on abolishing the Executive Presidency.
She said that the move cannot be implemented without introducing a new Constitution.
Leader Sajith Premadasa told Parliament yesterday that the suspension of duties imposed on Dr. Rukshan Bellana, Deputy Director of the National Hospital, amounted to a violation of his fundamental rights.
Raising the issue during parliamentary proceedings, Premadasa, who is also the SJB Leader, questioned the decision to suspend the senior medical officer for issuing a statement to the media, particularly on matters relating to children’s medicines.
He said health was a fundamental right and noted that two children had reportedly died, stressing that the focus should be on accountability over the incident rather than penalising a medical professional for speaking out.
Premadasa criticised the authorities for suspending Dr. Bellana solely for communicating with the media, asking whether such action constituted justice for families who had lost their children.The Opposition Leader said silencing officials, who raise concerns, undermines fundamental rights and does not address the underlying issues related to patient safety and public health.
Acting Deputy Director of the Colombo National Hospital Dr. Rukshan Bellana has been suspended.
A letter, issued by the Ministry of Health, says preliminary investigations by the Ministry of Health has revealed that Dr. Bellana, as a government medical officer holding a responsible position, made statements to the media, without approval, in a manner that created a controversial situation in the country and unrest among the public.
The letter further stated that formal disciplinary action will be taken in due course regarding this matter.
PM says govt. will introduce a new Constitution to abolish executive presidency
Opposition Leader rises in defence of Dr. Bellana
Dr. Bellana suspended for speaking to media
257,000 households paid house cleaning grant of Rs 25,000 out of 493,000 eligible to receive it
Cops as whipping boys?
China pledges support as Lanka recovers from cyclone
‘Dates have the highest sugar content to fight Coronavirus’
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