economic crisis of sri lanka essay

In early 2022, Sri Lankans started experiencing power cuts and shortages of basics such as fuel. The rate of inflation rose to 50% a year. As a result, protests broke out in the capital Colombo...

For the first time since its independence, Sri Lanka has defaulted on its foreign debts. It's now in the midst of one of the worst economic crises it’s ever seen. The population faces long power cuts, high prices, and a scarcity of essential items like food and medicines.

The Sri Lankan economic crisis[ 8 ] is an ongoing crisis in Sri Lanka that started in 2019. [ 9 ] It is the country's worst economic crisis since its independence in 1948. [ 9 ] It has led to unprecedented levels of inflation, near-depletion of foreign exchange reserves, shortages of medical supplies, and an increase in prices of basic ...

Promises to “make poverty a part of history” and to provide a “universal social protection system” intended to convey a certain sensitivity of the presidential candidates to the plight of many Sri Lankans, 25.9% of whom are estimated to live below the poverty line as of 2023, following the worst economic crisis since independence.

The Conversation U.S. asked DeVotta, who grew up in Sri Lanka and specializes in South Asian politics, to explain what brought about the crisis and where the nation of 22 million goes from...

Key Economic Reforms Needed for Sri Lanka. Sri Lanka requires wide-ranging economic reforms for long-term sustainable growth to service its debt obligations and to emerge from this crisis...

Sri Lanka finds itself in a financial crisis that has led to a rise in external debt, depleted foreign exchange reserves, a currency in freefall, and high, double-digit inflation.

Sri Lanka’s economy is projected to see moderate growth of 2.2% in 2024, showing signs of stabilization, following the severe economic downturn of 2022. But, the country still faces elevated poverty levels, income inequality, and labor market concerns, says the World Bank's latest bi-annual update.

The Sri Lankan economic crisis of recent years has drawn significant attention from scholars, institutions, and policymakers alike, prompting an in-depth analysis of its root causes and implications.

Sri Lanka turned to the IMF to contain the 2022 crisis and build a foundation for sustainable and inclusive growth. Together, the country and the IMF agreed on a comprehensive economic reform program to address the causes of the crisis and look after those hurt most by the crisis.