Friday, July 11, 2014

Do we have to scavenge the depths of the great oceans to find an article that makes a Headline in the Daily FT?

Sri Lanka tipped as Asia’s new Island of growth is today’s top story in the Daily FT. (11th July 2014) Was there NO news to write like the CSE rise!

Whilst we must be proud of anyone who opines on this, we must look to the substance of the article and its source.

The link above is the reference to the complete article from which selective extracts have been taken, some out of context to make the point in the story. Both the blog from which it was taken Seekingalpha and the writer of the article Fraser Dinnis, whose spelling was atrociously mis spelt in the FT article are fringe publications and contrarian analysts. Therefore using the word “renowned investment banking and equity markets specialist” for him, is giving him a day in the sun, like he has never had before in his life. He would be most pleased, and no doubt would jump on the next plane to come and give a talk in something like the annual Chamber of Commerce Seminar to be held next month. I am sure he is angling for an all expenses paid invitation for the event including airfare!

Jokes apart he is comparing with Singapore. Which is the world’s most expensive city to live in, and they have made it to the top. There is nowhere for them to go! It is a no brainer there. Sure Sri Lanka has a lot of upside potential and can grow at a much higher rate than Singapore. He must to do justice explain why it is better than the comparative other Asian economies of South East Asia to get a better perspective of the relative investment climate.

I am also a person who believes that given a few different set of Governance fundamentals we can grow at double digits, and that the huge remittance pool from overseas can be put to far better use than at present, but that foundation is yet to be implemented.

I just hope that we don’t give misplaced adulation to people and articles that don’t deserve them, but be a little wary of taking anything that comes. We don’t want to be so desperate as to be bottom fishing. Just tell the Govt. to pay to plant an article like this in the WSJ and then there will be some believers other than locals.

This contrasts sharply with my earlier blog entry today on the daylight robbery taking place by the Govt. in power in contrast to Singapore's scrupulous morals! 


Anonymous said...

singapore is a haven for corrupt money from asia and around the world. see how many sri lankans have property and companies in singapore and you will begin to get a clue about their scruples! our corrupt are welcomed with open arms over there, and SG even gives them citizenship in case they need to escape from sri lanka in the event they are prosecuted. fat chance of that happening!! gamini d's crowd are singaporean citizens now too, as well as british!!

Anonymous said...

Its clear from the full article published in the FT today (July 14th)that the level of importance of the writer is not as that which was trumped up in the paper! See link

Anonymous said...

anon2 that article behind your link was quite good i thought, and compelling. it is difficult for someone on the top to continue to move higher at the same rate as someone much lower in the pack that has experienced a dramatic event that will lead to increased growth (end of the 30 year war). there's no doubt that Sri Lanka will at least become like Malaysia within the next few decades, and the growth from where Sri Lanka was 5 years ago, to now, to where it will be 15 years in the future will be dramatic if peace prevails. do you not accept this? if so, why not? it's a hard argument to make, given our human and natural resources, as well as geographic positioning, that sri lanka will not dramatically rise economically in the coming years, as it already has so soon after the war.