Sri Lanka’s micro and small businesses (MSMEs), already battered by the dual impact of COVID-19 and the ongoing financial crisis, suffered yet another major setback last week as Cyclone Ditwah struck the country.
Except for Kalutara, Galle, and Matara, MSMEs across all other districts have been severely affected by the disaster, according to Mahendra Perera, President of the Ceylon Federation of MSME.
He told the Sunday Times Business that many factories have been destroyed and workers’ wages have been significantly affected. “We are still trying to assess the damage, the cost of the crisis, and the recovery process, and are awaiting government figures and statistics,” he said, adding that the destruction to small businesses appears to be far worse than the damage caused by the 2004 Tsunami.
MSMEs contribute 52 per cent to the national GDP and provide employment to 4.5 million people in the workforce.
