Sri Lanka's Economic Crisis -:

What is the problem with Sri Lanka ?
Sri Lanka has been in a serious crisis as a result of an unparalleled economic collapse. Due to its depleting forex reserves and crushing debt, the island had struggled to import basic commodities for its 22 million citizens. It had led to anti-government protests. India emerged as the largest contributor to the island nation. 


Tourism had been the third-largest source of foreign exchange for the nation. After the 2019 Easter Sunday suicide attacks, which claimed more than 250 lives tourism got affected. The number of visitors decreased by as much as 70%. The tourism sector was severely harmed by the Covid-19 pandemic. Even the exports of tea, rubber, spices and garments suffered. 

What caused sri-lanka crisis?
The government’s ban on chemical fertilizers in order to make Srilanka an organic nation heavily backfired. Production fell and inflation soared. The Chinese debt trap diplomacy affected the nation very badly. The Fiscal deficit reached double digit as percentage to GDP. The Debt to GDP ratio surpassed 100% level. All these led to economic crisis in Sri Lanka.

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