Economic crisis in sri lanka

Abstract

Sri Lanka’s demand for frugality in 2019 is US$84 billion for nominal Gross Domestic Product (GDP), and is currently facing a serious victory crisis. With the decline in military reserves, frugality suffers from a serious lack of energy, food, drugs, cement and other essentials. Sri Lanka has experienced a serious financial crisis as foreign reserves have been cut. Foreign reserve positions have declined since August 2020, but were vulnerable in November 2021. Despite the lack of scale, it was sufficient to meet imports for a month. Reports showed a severe decline in January 2022 from 24% to USD 2.3 billion to USD 2.3 billion. There are several important reasons for Sri Lanka's economic collapse. The months of government-related rage among 21 million people in bankrupt countries are taking action after increasingly expensive fuel and essential daily necessities, with long blackouts. The shortage of objects such as wheat flour and milk flour is widespread, with food swelling at about 80%.

The political crisis in Sri Lanka, which began in 2022, is characterized by a violent power struggle between President Gotabaya Rajapaksa and the National Assembly. This turbulence was tightened by extensive public protests driven by the escalating economic crisis. Initially, President Rajapaksa resisted his resignation, opposed both the protesters and tried to nurture his position by the opposition parties. However, he eventually resigned on July 13, 2022. He later showed that he fled the country in a hideout in the dark and boarded a military aircraft. The complexity of his p