Business News Update: The Ceylon Chamber of Commerce launched its annual Outlook Report for 2020, at the Economy + Sector Review and Outlook 2020 event on Monday (10th).
The Outlook 2020 report, published by the Economic Intelligence Unit (EIU) of the Ceylon Chamber, explores the macroeconomic and sector outlook for the year ahead. The sectors covered include Apparel, Consumer Durables, FMCG, Tourism, Construction, Agriculture, Plantations and Dairy, following interviews conducted with experts in each sector. The report provides a review of the economy’s performance, and of each sector’s perspectives on the year ahead.
Delivering the welcome address, Chamber Secretary General and CEO Mr. Manjula de Silva pointed out the need to have a growth rate of close to 7% over the next five years, in order to make a difference.
Presenting the Outlook 2020, Chamber Chief Economist Mr. Shiran Fernando reiterated that growth was a constant theme which emerged when compiling the Outlook 2020 report. Sri Lanka’s economic growth, he said, would surpass 3.5% in 2020, with a substantial part of that being driven by consumption. The key takeaways of the report are as follows:
Global outlook improves, but is fragile
Economic growth VS stability – acceleration in growth could come at the cost of stability
Key structural reforms need to be implemented in order to sustain growth momentum
Better performance in key sectors is expected in 2020
The presentation and launch was followed by a panel discussion comprising Deshamanya Professor W.D. Lakshman, Governor of the Central Bank of Sri Lanka; Mr. Dumith Fernando, Chairman of Asia Securities; Ms. Subhashini Abeysinghe, Research Director at Verite Research; and Mr. Maninda Wickramasinghe, Chief Executive and Country Head of Fitch Ratings Lanka.
To obtain a copy of the report, click here to order online. You may also call 0115588883, or email saumya@chamber.lk. It can also be purchased under the ‘publications’ tab on chamber.lk.
