ECONOMIC CRISIS – Fears of Lanka-like economic collapse loom large across Asia
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Unbridled inflation, dwindling currency value, and soaring energy prices are just a few of the elements of Sri Lanka’s deep economic crisis that have other Asian countries concerned.
The crisis in Sri Lanka stemmed from certain factors like poor economic management, a double blow to the tourism sector from the pandemic and terrorism, and flawed agricultural policy.
It resulted in a shortage of essential supplies and fuel across the island nation, sparking months of protests that finally brought down the powerful Rajapaksa dynasty, including the president, prime minister, and cabinet ministers. EFE