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Sri Lankan economic progress and collapse ?

Sri Lanka, a small island nation located in South Asia, has undergone significant economic progress and challenges over the past few decades. The country's economy has seen growth and development, but has also faced several challenges, including a civil war that lasted over 25 years and natural disasters such as the 2004 tsunami. In this article, we will examine the economic progress and collapse of Sri Lanka.

Economic Progress:

Sri Lanka's economy has grown significantly since the end of the civil war in 2009. The country's GDP has increased at an average rate of 5.8% per year from 2010 to 2019. The tourism industry has also played a significant role in the country's economic growth, with the number of tourists visiting Sri Lanka increasing from 447,890 in 2009 to 2.3 million in 2018.

In addition to tourism, the country has also made strides in other sectors, such as the apparel industry, which has been a major contributor to the country's economy. The country's exports of apparel and textiles have increased from $3.7 billion in 2010 to $5.3 billion in 2019.

The country has also made significant progress in reducing poverty. According to the World Bank, the poverty rate in Sri Lanka declined from 22.7% in 2002 to 4.1% in 2016.

Economic Collapse:

Despite the progress, Sri Lanka has also faced significant economic challenges in recent years. One of the biggest challenges the country faced was the Easter Sunday attacks in 2019, which targeted several hotels and churches in the country, killing over 250 people. The attack had a significant impact on the tourism industry, with the number of tourists visiting the country dropping by 19.9% in 2019.

The country has also been struggling with a large debt burden, which has been a major concern for policymakers. In 2019, Sri Lanka's debt-to-GDP ratio was 86.8%, which is higher than the average for other emerging market economies. The country has also faced challenges in managing its budget deficit, which has been a major contributor to its debt burden.

In addition to the debt burden, Sri Lanka has also been facing significant environmental challenges. The country has been experiencing frequent natural disasters, including floods, landslides, and droughts, which have had a significant impact on the country's agriculture sector.

Conclusion:

In conclusion, Sri Lanka has made significant progress in its economic development, particularly since the end of the civil war. However, the country has also faced several challenges, including the Easter Sunday attacks, debt burden, and environmental challenges. As Sri Lanka moves forward, it will need to address these challenges to ensure continued economic progress and stability.
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