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The Sri Lankan economic crisis [8] is an ongoing crisis in Sri Lanka that started in 2019. [9] It is the country's worst economic crisis since its independence in 1948. [9] It has led to unprecedented levels of inflation, near-depletion of foreign exchange reserves, shortages of medical supplies, and an increase in prices of basic commodities. [10]
Whoever wins the election will have to ensure Sri Lanka gets its economy on a sustainable and inclusive growth path, reassure local and international markets, attract investors and help a quarter of t
Sri Lanka's year-on-year economic expansion in the third quarter of 2023 was 1.6% and in the fourth quarter 4.5%, the IMF said. Sri Lanka plunged into its worst economic crisis in early 2022 ...
Sri Lanka has been grappling with significant economic challenges, including high levels of external debt and a strained fiscal situation. The COVID-19 pandemic further exacerbated these issues, leading to reduced revenues, increased borrowing, and a decline in foreign exchange reserves. As a result, the government has been facing difficulties ...
Services accounted for 58.2% of Sri Lanka's economy in 2019 up from 54.6% in 2010, industry 27.4% up from 26.4% a decade earlier and agriculture 7.4%. [41] Though there is a competitive export agricultural sector, technological advances have been slow to enter the protected domestic sector. [42]
Also, despite the projection of growth starting in the July quarter, Sri Lanka's export-driven economy is expected to contract by 2% in the full year, after shrinking 7.8% in 2022.
The Department of Immigration and Emigration issues a notice granting 14 days, starting from 23 February, for Russian and Ukrainian tourists living long-term in Sri Lanka to leave the country. Many of these tourists had been residing in Sri Lanka on periodic extensions of their tourist visas since the Russian invasion of Ukraine in February 2022.
H.J.M Seneviratne, 63, slices through yellowed paddy stems dried out by a drought that has destroyed over 95% of his crop and is threatening crisis-hit Sri Lanka's summer rice harvest. Helped by a ...