Echelon Magazine - November 2023

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The System Change We Need
According to World Bank estimates, Sri Lankan GDP growth rates have steadily declined since reaching a peak of 9.1% in 2012. In three out of the four years since 2019, the economy has contracted. This decline includes a 3.6% drop in 2020 due to the impact of COVID-19, a further negative 7.5% attributed to the lingering effects of the pandemic, and a negative 7.8% linked to the ongoing economic crisis—a crisis evolving from seven decades worth of ill-conceived economic policies that went off the rails after the end of a three-decade conflict in 2009.
A recent ILO survey reveals the severity of the situation, with 80% of micro, small, and medium-sized businesses in Sri Lanka—the backbone of the economy—bearing the brunt of the pandemic. This figure has now risen to 89% after the currency crisis.
While recent efforts to revive the economy show promise, it is crucial to recognize that these efforts are merely the beginning. The risk lies in postponing the essential reforms and measures to reverse decades of populist policies. Delaying these necessary but potentially painful steps could further weaken the economy.
Recent policy statements from the government shed light on the complexity of the challenges ahead: The proposal to increase the value-added consumption tax to 18% while simultaneously promising raises in state-sector salaries (and urging the private sector to follow suit), a strand in our Gordian knot.
Are we all victims only? In our cover story and another piece on state-owned enterprise (SOE) reforms, we hope to bring some perspective on what it will take to fix our economy: a system change that begins with personal responsibility.

Echelon Magazine Description:

Intelligent Storytelling

The one thing that will define the Echelon magazine will be the quality of the storytelling. Echelon,published monthly, will cover in depth Sri Lanka’s most successful businesses, examine their winning strategiesand profile their leaders in immersive stories. Great stories are also never limited to words, and our approach includes rich photography, bold graphics and leading edge design which together will make for a compelling read.

But business doesn’t start and end in a boardroom;it extends to the golf club greens, to international travel and to pursuits that blurthe lines between commercial venture and sheer passion. The Echelon team will present the best in business and lifestyle coverage that will appeal to an exclusive and affluent readership: an otherwise hard to reach demographic.

Content will be developed by one of the most experienced and proven teams of editors, financial journalists, photographers and designers in the country.This team has already raised the bar for powerful and expertly crafted business news. Shamindra Kulamannage, will lead the editorial team.

The reputation of Echelon is being built on the separation between editorial and advertising. However we are also looking for the most creative and impactful new formats that can be applied in our magazines, iPad app as well as website to help our clients reach our audience. We are flexible and creative and we will have a solution for every single advertiser who wants to reach our audience.

We are passionate about creative results and about working with our advertisers to help them create bespoke multi platform creative solutions with our in house creative team and of course our sales team.

Echelon will be a great place to show off the products and capabilities of our clients because they will be surrounded by an editorial product that is expertly crafted, full of integrity and intelligence.