According to the World Bank the Sri Lankan economy is going to contract by 9.2% in 2022 and a further 4.2% in 2023. This is what we call an economic depression. Given the Budget that was just announced, I argue we are going to see an even larger contraction next year. What does this contraction mean? It means people are losing their income streams, with unemployment on the rise and livelihoods disrupted. A food crisis linked to the crippling of the economy is leading to increased malnourishment and starvation. We are going to lose a generation, as our children’s education and wellbeing are affected.
'kathika' social, cultural and political review
Tagged post-IMF issues
Sri Lanka battles political and economic challenges
Last month’s mass demonstrations in Sri Lanka have sent warning signs to the rest of the world. This as several middle-income and developing countries are dealing with similar problems of political dysfunction and the impact from external economic shocks. Sri Lanka has a higher GDP than Peru, Egypt and South Africa, yet it’s devolved into…
Sri Lanka’s Economic Depression and the IMF
Farzana Haniffa, Ahilan Kadirgamar The public are facing tremendous suffering from the economic depression currently underway. We hope to initiate a discussion centred on questions such as: How long the depression is likely to last, and what social and political consequences can we anticipate? What are the possible consequences of the economic policies already underway…