SRI LANKA CLOTHING SECTOR PROTECTS ITSELF FROM NATIONAL CRISIS – BUT FOR HOW LONG?
May 26th, 2022
Sri Lanka’s clothing export sector is facing economic and political chaos in its island country as its President Gotabaya Rajapaksa imposed a state of emergency on Friday (April 6) amidst spiralling protests and foreign currency reserves collapsing to below USD50 million. With annual inflation now exceeding 29% (up from 18.7% in March) and rolling daily power cuts of at least three hours amidst fuel shortages, clothing manufacturers, who have thus far largely insulated themselves from the crisis are starting to suffer. The industry's USD6 billion export target ...
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