Your new post is loading...
The South Asian nation is facing its worst economic crisis since independence from the UK in 1948.
|
Scooped by
Graham Watson
April 8, 2022 4:26 AM
|
Scoop.it!
No comment yet.
Sign up to comment
The sorry state of the Sri Lankan economy pains me - as someone who lived there for three years, and can still sing the Sri Lankan national anthem.
The country is experiencing extended power cuts, lacks fuel and the once-buoyant tourist sector is on its knees, as the country lacks foreign exchange to buy these items. As a result, the rupee has depreciated significantly, and this adds further cost pressures for both exporters and consumers alike.
However, the real issues are deep-seated - arguably, Sri Lanka has been badly governed for many years - with the democracy still in the hands of a narrow clique of dynastic politicians who've dominated the country for many, many years. And until this is resolved, I find it highly unlikely that the country will be able to move on.