Economic resilience in an era of ‘systemic risk’: Insights from four key economic sectors in Sri Lanka
COVID-19 has showcased the systematic nature of risks. Its effects have spanned beyond the health sector causing severe economic disruptions. Sri Lanka's GDP contracted by 3.6% in 2020 from a 2.3% growth in 2019, reflecting the largest economic downturn recorded in the country's history. A...
| Main Authors: | , , , , , , , |
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| Format: | Article |
| Language: | English |
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Elsevier
2022-04-01
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| Series: | Progress in Disaster Science |
| Subjects: | |
| Online Access: | http://www.sciencedirect.com/science/article/pii/S2590061722000187 |
| _version_ | 1828333861924241408 |
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| author | Naduni Jayasinghe Shiran Fernando Richard Haigh Dilanthi Amaratunga Nishara Fernando Chandrarathna Vithanage Jayani Ratnayake Chamathya Ranawana |
| author_facet | Naduni Jayasinghe Shiran Fernando Richard Haigh Dilanthi Amaratunga Nishara Fernando Chandrarathna Vithanage Jayani Ratnayake Chamathya Ranawana |
| author_sort | Naduni Jayasinghe |
| collection | DOAJ |
| description | COVID-19 has showcased the systematic nature of risks. Its effects have spanned beyond the health sector causing severe economic disruptions. Sri Lanka's GDP contracted by 3.6% in 2020 from a 2.3% growth in 2019, reflecting the largest economic downturn recorded in the country's history. Although the COVID-19 pandemic has been largely perceived as unprecedented by most economic sectors and businesses functioning within them, pandemics are not a novel phenomenon given their intermittent occurrence in the past. This study aimed at examining the resilience of four key sectors in Sri Lanka during the COVID-19 pandemic, namely apparel, tourism, agriculture and construction. The study sought to identify the factors that have both enhanced and hindered their resilience during the pandemic and provide recommendations to strengthen their resilience for future pandemics and multi-hazard scenarios featuring pandemics. The study draws upon primary data gathered through four round table discussions carried out with a total of 30 key informants representing the selected sectors. The findings reveal that for economic resilience to be achieved within the selected economic sectors, resilience building measures should be undertaken at three levels: 1) orgaizational level; 2) sectoral level and 3) country level, while also recognising the need for consonance and congruence between measures taken at each level. |
| first_indexed | 2024-04-13T21:25:24Z |
| format | Article |
| id | doaj.art-d07ff179b4754eee86f31c5da55803c8 |
| institution | Directory Open Access Journal |
| issn | 2590-0617 |
| language | English |
| last_indexed | 2024-04-13T21:25:24Z |
| publishDate | 2022-04-01 |
| publisher | Elsevier |
| record_format | Article |
| series | Progress in Disaster Science |
| spelling | doaj.art-d07ff179b4754eee86f31c5da55803c82022-12-22T02:29:20ZengElsevierProgress in Disaster Science2590-06172022-04-0114100231Economic resilience in an era of ‘systemic risk’: Insights from four key economic sectors in Sri LankaNaduni Jayasinghe0Shiran Fernando1Richard Haigh2Dilanthi Amaratunga3Nishara Fernando4Chandrarathna Vithanage5Jayani Ratnayake6Chamathya Ranawana7Social Policy Analysis and Research Center (SPARC), Faculty of Arts, University of Colombo, Sri Lanka; Corresponding author.The Ceylon Chamber of Commerce, Sri LankaGlobal Disaster Resilience Centre, University of Huddersfield, UKGlobal Disaster Resilience Centre, University of Huddersfield, UKDepartment of Sociology, Faculty of Arts, University of Colombo, Sri LankaThe Ceylon Chamber of Commerce, Sri LankaThe Ceylon Chamber of Commerce, Sri LankaThe Ceylon Chamber of Commerce, Sri LankaCOVID-19 has showcased the systematic nature of risks. Its effects have spanned beyond the health sector causing severe economic disruptions. Sri Lanka's GDP contracted by 3.6% in 2020 from a 2.3% growth in 2019, reflecting the largest economic downturn recorded in the country's history. Although the COVID-19 pandemic has been largely perceived as unprecedented by most economic sectors and businesses functioning within them, pandemics are not a novel phenomenon given their intermittent occurrence in the past. This study aimed at examining the resilience of four key sectors in Sri Lanka during the COVID-19 pandemic, namely apparel, tourism, agriculture and construction. The study sought to identify the factors that have both enhanced and hindered their resilience during the pandemic and provide recommendations to strengthen their resilience for future pandemics and multi-hazard scenarios featuring pandemics. The study draws upon primary data gathered through four round table discussions carried out with a total of 30 key informants representing the selected sectors. The findings reveal that for economic resilience to be achieved within the selected economic sectors, resilience building measures should be undertaken at three levels: 1) orgaizational level; 2) sectoral level and 3) country level, while also recognising the need for consonance and congruence between measures taken at each level.http://www.sciencedirect.com/science/article/pii/S2590061722000187COVID-19Economic sectorsSystemic risksResiliencePandemicsSri Lanka |
| spellingShingle | Naduni Jayasinghe Shiran Fernando Richard Haigh Dilanthi Amaratunga Nishara Fernando Chandrarathna Vithanage Jayani Ratnayake Chamathya Ranawana Economic resilience in an era of ‘systemic risk’: Insights from four key economic sectors in Sri Lanka Progress in Disaster Science COVID-19 Economic sectors Systemic risks Resilience Pandemics Sri Lanka |
| title | Economic resilience in an era of ‘systemic risk’: Insights from four key economic sectors in Sri Lanka |
| title_full | Economic resilience in an era of ‘systemic risk’: Insights from four key economic sectors in Sri Lanka |
| title_fullStr | Economic resilience in an era of ‘systemic risk’: Insights from four key economic sectors in Sri Lanka |
| title_full_unstemmed | Economic resilience in an era of ‘systemic risk’: Insights from four key economic sectors in Sri Lanka |
| title_short | Economic resilience in an era of ‘systemic risk’: Insights from four key economic sectors in Sri Lanka |
| title_sort | economic resilience in an era of systemic risk insights from four key economic sectors in sri lanka |
| topic | COVID-19 Economic sectors Systemic risks Resilience Pandemics Sri Lanka |
| url | http://www.sciencedirect.com/science/article/pii/S2590061722000187 |
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