SL has slipped but will bounce back by 2020: Rohantha Athukorala

Dr. Rohantha Athukorala at Trailblazer 2018 at the Ramada Hotel 

Sri Lanka has not only been downgraded by international rating agencies Moody and Fitch but has also slipped in the Nation Brand rankings from 59 to 61 this year, said Head of Turner Investment Inc for South Asia, Dr. Rohantha Athukorala. 

“Whilst the above reality is true apart from the consumer household consumption of food, household and personal has contracted seven times in a row quarterly - meaning from 2017 onwards - Sri Lanka being a very resilient country will bounce back, provided the right people are appointed to the respective public sector jobs,” he voiced.

Dr. Athukorala was addressing Trailblazer 2018 presented by The Leo District 3220 staged at Ramada Hotel featuring key opinion leaders like cricketing star Muttiah Muralitharan and Jetwing Chairman Hiran Cooray. 

Tracking back to 2009, when Athukorala was the Executive Director of the National Council for Economic Development - the key policymaking body at the Ministry of Finance, cited in 2009 that there was a time when the city was getting raided daily by the LTTE, whilst the barrel of oil was been traded globally at $ 150, with Sri Lanka having just under one month’s cover on reserves. 

The stock exchange had crashed to 1,900 which tells us the tough situation we were up against but the war came to a close and Sri Lanka recovered within six months to beef up reserves to $ 6 billion, the stock market spiralling past 7,000 whilst the economy that was just $ 30 billion in 2009 crossed $ 80 billion in just six years. 

That is the power of Brand Sri Lanka. We will bounce back in 2019 to become a strong nation by 2020, he stated. But he cautioned that the damage done to the nation brand in the last one month, where there was a global outcry for “democracy” could have detrimental effects for the country, said Dr. Athukorala. 

“Like what happened in 2017 - countries like Algeria and Ukraine beating Sri Lanka in the Nation Brand Index. It’s sad but if we do not put Sri Lanka first and sort the current political impasse, the next set of countries that will overtake us will be Slovenia, Iraq and Angola,” he cautioned. 

Sri Lanka is currently ranked 61 at a nation brand value of $ 83 billion.

“For a youngster, the best that one can do is to focus and complete one’s studies and ensure you take care of your health with a continuous exercise routine to withstand the rigour of work pressure. You must also be on the frontline of good governance in your company,” he stated. 

“We forget that it’s the private sector that triggers corruption in the public sector and not the other way around.”