Sri Lanka’s retail sector, which represented 14% of the labor market (over 1.1 million individuals) and 23% of the GDP, has been hit hard by the pandemic.
According to the Sri Lanka Retailers’ Association (SLRA), the situation has worsened since mid-2021 due to the import restrictions placed as a solution to the nation’s deteriorating foreign exchange problem.
Many retailers that deal in consumer durables, clothing, and others have been pushed to the brink of collapse. The inability to secure adequate foreign exchange has resulted in regular product shortages.
The SLRA warns that the deteriorating situation will result in the closure of stores and calls on the government to introduce a system that facilitates businesses through a planned set of actions.
No.820, Mount Cresent,Malabe,Sri Lanka