Sri Lanka Economic Crisis: Five Other Countries Facing A Similar Catastrophe
With a number of socio-political grounds inducing a growing crisis in the country’s economy, Sri Lanka has joined the line of countries that have undergone similar economic crises.
Sri Lanka is facing its worst economic crisis in years. The acute shortage of US dollars in the country has pushed up the price of basic food items including milk, that are essential for regular meals and food businesses. The island country is facing a double whammy of increasing prices and high external debt.
Faced with an acute economic and energy crisis, triggered due to a shortage of foreign exchange, Sri Lanka’s fuel shortage has forced tens of thousands of people to queue for hours outside petrol pumps. People are also facing long hours of power cuts daily.
According to economists, Sri Lanka’s debt spiral was already on an unsustainable path even before the pandemic dried up the tourism funds.
With a number of socio-political grounds inducing a growing crisis in the country’s economy, Sri Lanka has joined the line of countries that have undergone similar crises.
NO FOREX RESERVES MAKES TRADE IMPOSSIBLE
