Sri Lankan Economic Crisis 2022
They are currently looking forward to going to the World bank for some loans and they are unable to import gas and medicine. The population of the countries is around 22 million and they got their Independence in 1948. The conditions were even worse during the coronavirus pandemic and there was no tourism and most of the population is heavily dependent on tourism revenue. The domestic price of petrol is continuously increasing and the Agriculture sector was heavily hit by all the steps taken by the government India was helping Sri Lanka with cheap petrol and exporting rice.
What Happened In Sri Lanka?
China is one of the main culprits of this situation because the over-dependency on the Chinese led to this problem and they have also given military port construction permission to the Chinese government. India was initially proposed in the offer to develop this port but Sri Lanka refused. United Nation report estimated that around 5 million people are going to face food insecurity. There are no plans visible as of now to tackle the situation and the inflation on the charts can be seen very clearly and the energy sector is also in very bad circumstances.
Sri Lankan Economic Crisis 2022 Causes & Reason Explained
The country is not able to sustain school Institutions and there have been no employment opportunities and they are struggling to maintain their existence on the map. Most Asian countries are facing this problem because of the increasing interruption of Chinese like Pakistan and Sri Lanka. Nepal can also face this problem shortly if they are not careful. We will be back with some more updates regarding this event and till then stay tuned to our website.
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