Uprisings, a huge burden on economy

by Lalin FERNANDOPULLE

Global uprisings have caused colossal losses and impeded economic growth in many countries, according to a recent survey. Unemployment, rise in fuel and food prices and gender discrimination have sparked violent protests across the globe resulting in loss of life and damage to property.

Trade and investments between countries have slowed down due to the crisis in the African and Middle East region. While Tunisia and Egypt are yet to recover from turmoil. Libya, Syria and Yemen are in the brink of an economic break down. The loss due to uprisings in universities, health sector, plantations and industries in Sri Lanka runs into billions of rupees and is a huge burden on the economy. The loss incurred due to the Katunayake Free Trade Zone (KFTZ) workers protest is estimated to be around US$ 30 million. The unrest could erode confidence of investors.

BOI sources said that the loss due to the strike at the KFTZ is enormous and added that industrial peace is essential to woo investors and boost economic growth. Employees at the KFTZ protested against the proposed private sector pension scheme, that it lacked information and was not transparent.

Operations at the zone have not returned to normal due to intimidation of employees and issues such as salaries and bonus have cropped up following the crisis. Secretary General, Joint Apparel Association Forum, M.P.T Cooray said that employees lacked awareness about the pension scheme and added that there should have been amicable discussion before resorting to protest.

Chairman, Ceylon National Chamber of Industries, Sunil Liyanage said that disruption to work could have long-term effects on industrial growth.

"Factories have to meet deadlines and disruption of work could lose orders and affect the progress of a company", he said.