Middle East war could impact SL’s economy – Saliya Pieris

2026-03-04 - 04:37

Former President of the Bar Association of Sri Lanka (BASL), President’s Counsel Saliya Pieris, states that there is a distinct possibility of Sri Lanka’s economy being impacted as a result of the ongoing war in the Middle East in the short term as well as in the long term. He made these remarks in a post published on his official Facebook page. “We must not be under any illusion that Sri Lanka is immune from the ongoing war in the Middle East. There is a distinct possibility of Sri Lanka’s economy being impacted as a result of this crisis in the short term as well as in the long term. Already, there has been a steep rise in world oil prices and restrictions to natural gas production. These will obviously affect Sri Lanka in the coming months. Foreign-exchange fluctuations; impact on tourism from Europe and the Middle East; interruptions to tea exports, and impact on foreign employment and remittances may be possible consequences. It is prudent for the Government of Sri Lanka to recognize these challenges early and to plan ahead to prevent any devastating consequences to the economy. In this process perhaps difficult decisions may have to be taken. It is important that the Government takes the people into its confidence, keeping them informed of possible risks and of what it intends to do to mitigate these risks. Such measures will build confidence. During the COVID period in 2020-22, the Prime Minister of Singapore regularly briefed the people of the Government’s plans, inspiring confidence in that Government. We must not forget that the 2022-23 economic crisis in our country was brought upon not only by the failure to wisely manage the economy but also by the failure to take timely and necessary action.” – President’s Counsel Saliya Pieris