Import ban on synthetic fertilisers: A tragedy of relying on misinformation
The ban on importation of synthetic fertilisers and pesticides was imposed on 6 May through the Extraordinary Gazette Notification No. 2226/48. This was one of the 20 activities approved by the Cabinet of Ministers under the theme ‘Creating a green socio-economy with sustainable solutions for climate change’.
Oil crisis – Cheaper oil possible within a year
Recently the Government raised fuel prices, ranging between LKR 7 and LKR 23 per litre, 21 months after the last price revision. The protests over price increase was more from politicians, trade unions and their sup-porters than consumers, also surprisingly included some within the ruling party. In addition, domestic gas price increase too were demanded by suppliers.
Linking Asia’s financial markets will help the region respond to the next crisis
The COVID-19 pandemic has underscored the need to strengthen the global financial safety net – the various institutional arrangements and mechanisms that are designed to provide financial support and liquidity at times of market stress. Financial markets are increasingly interconnected across borders, but unlike domestic markets, there is no global “lender of last resort” that can provide funding for financial institutions to prevent a financial crisis.
When global tourism returns, the Silk Road awaits
Central Asia has the opportunity to create a sustainable, safe, easily accessible, and well-known tourism destination that provides a variety of year-round, quality experiences.
The Silk Road brings to mind places steeped in tradition, culture, and trade in the most precious commodities of ancient times: silk, spices, and gems. Today, the region once traversed by this ancient route from the People’s Republic of China to Western Europe is again a vibrant destination, attracting rising numbers of tourists before the COVID-19 pandemic.
The global recovery is bypassing the poorest countries
This year is likely to mark the strongest post-recession rebound in 80 years: global GDP is expected to expand 5.6%. Growth in advanced economies is expected to reach 5.4%—the highest rate in nearly 50 years—powered by rapid vaccination and unprecedented fiscal- and monetary-policy support since the beginning of the pandemic. Almost all advanced economies will go back to their pre-pandemic per-capita income levels in 2022. In some parts of the world, clearly, the pandemic’s damage is being repaired quickly.