In yet another part of CEO Perspectives, Hatton National Bank CEO and Managing Director Jonathan Alles discusses how the pandemic has affected the Sri Lankan economy and the new normal banks will have to adapt to after the crisis.
May 04, 2020 | Jonathan Alles
- Easing lockdowns must be done in a controlled and phased out manner
- Global factors will have a strong influence on Sri Lanka’s resurgence
- The banking sector will face a new normal after the crisis, making it essential to revisit operating models to remain sustainable
The global pandemic has claimed the lives of thousands of people across the world and it could cost us many more in the next weeks and months. Amid this backdrop, we are extremely grateful to the government of Sri Lanka and relevant authorities for their continuous efforts in protecting the people.
The government is working on a plan to exit the lockdown so that economic activities – which are at a near-standstill – could re-commence. However, to prevent a second wave of the epidemic, it is important that this is done in a controlled and phased out manner, ensuring that all health safety measures are in place.
Sri Lanka’s resurgence hinges on global factors
With the global economy projected to go into recession, the recovery of the global economy would also play a part in the economic resurgence of Sri Lanka.
For example, the tourism sector of Sri Lanka – which was hit by the Easter attacks a year ago – was just beginning to indicate signs of recovery in early 2020. Currently, the sector is at a complete halt, and its recovery depends on the success of the measures taken by Sri Lanka and other countries to arrest the situation and how fast international travel restrictions are lifted.
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