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The Sri Lankan economic crisis [8] is an ongoing economic 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 ...
Sri Lanka’s prime minister says the island nation’s debt-laden economy has “collapsed” as it runs out of money to pay for food and fuel. Short of cash to pay for imports of such ...
Sri Lanka was much more harshly affected by the food crisis as it was already facing mass man-made crop failures due to a total ban on chemical fertilizer by President Gotabaya Rajapaksa, resulting in rice production in Sri Lanka falling by 40–50%, while other crops also suffered large losses with some even reaching 70% loss even before it ...
Rampant food inflation and chronic shortages of cooking gas and petrol are making daily life a battle for millions in the midst of Sri Lanka's worst economic crisis since independence from Britain ...
Sri Lanka's economic crisis was further accelerated by global impacts including the global recession caused by the start of the COVID-19 pandemic in 2020, and the food and energy shortage and price hike following Russia's invasion of Ukraine in early 2022.
Thousands of people queued for cooking gas and petrol in Sri Lanka's commercial capital on Friday and Prime Minister Ranil Wickremesinghe warned of a food shortage as the island nation battles a ...
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%. [40] Though there is a competitive export agricultural sector, technological advances have been slow to enter the protected domestic sector. [41]
STORY: Hit hard by the global health crisis and tax cuts by the Rajapaksa government, Sri Lanka is in the midst of its worst economic crisis since it won independence from Britain in 1948 ...