SMEs affected worse than 2004 Tsunami
View(s):Sri Lanka’s micro and small businesses (MSMEs), battered by the twin effects of COVID-19 and the financial crisis, were dealt another severe blow last week by Cyclone Ditwah.
Apart from Kalutara, Galle and Matara, MSMEs in all other districts have been ravaged by the crisis, said Mahendra Perera, President of the Ceylon Federation of MSME.
He told the Sunday Times Business that many factories have been destroyed and the wages of workers have been adversely affected. “We are still trying to assess the damage and cost of the crisis and the recovery process and awaiting government figures and statistics,” he said, adding that the destruction to small businesses appears to be much worse than the 2004 Tsunani.
MSMEs contribute 52 per cent to the national GDP and provide employment to 4.5 million people in the workforce.
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