Economic Crisis In Sri Lanka

The events following the Easter attacks in Sri lanka destroyed the country's economy to a great extend. It has affected the well established tourism industry, and few minority owned local businesses. To add fuel to the fire, the onset of the Covid 19 pandemic induced global recession accelerated the crisis even further.

The sharp rise in foreign dept, especially from the Chinese since 2010 has influenced to this unavoidable crisis from the deep. As of now, the foreign debt rose to 101% of the nation's GDP causing an economic collapse.

The land was called as 'wonder of Asia', and an 'Island paradise' for it's beautiful landscape, food, rich culture and for the hospitality of the people has become a dark hole no one wants to live.

Even the 30 year long war between the Government and the LTTE forces in the past (from 1979-2009) did not collapse the country economically. Although it has, and is still having an adverse effect on everything we do, this so called Political regime has caused the country today.

It is sad to even read the recent developments, price hikes, comparisons with Lebanon & Zimbabwe and all that from abroad.
At the same time, I feel lucky to be away from the country that is sinking. At least, I can be of great help not just for the country's economy but also for the folks that need a helping hand right now.

Nevertheless, things like this won't change my view on permanent settlement in abroad. Home is home no matter what
I still love the country & look forward to retire in Sri Lanka in a few years though.

But according to economists, life in Sri Lanka would be very different, especially for those who have enjoyed the fruits of globalization in the past.

But, I believe this changes can also bring so many positives in the Sri lankan community down the line.

Fuel shortage:
Shortages of fuel and the unbelievable fuel price hikes can force many middle to lower income families to use Bi-cycle or walking instead of cars or motorbikes for shorter distance. This can improve their health in so many ways.
As for the long commutes, people can resort to public transportations, resulting in less pollution and traffic.
Not only physical health, but mental health of the daily commuters will be improved if there is no tension in the early hours due to heavy traffic.

Import ban:
Apart from essential goods & medicines, there has been a significant number of foreign goods are banned in the country. This will force us to live with locally produced products for now.
Instead of pasteurized, and chemically produced food packs from abroad our children will learn to enjoy the taste of Sri Lanka - which is known to the world anyways.
Instead of Pizzas - we have Sri Lankan Pol rotti which is made of coconut
Instead of Maida - we can use rice flours and stay healthy
Instead of Apples & oranges from abroad - Sri lankans can taste the fresh locally grown fruits that contain more nutrition.
Unlike India, we are used to Milk powers from Newzealand for each & everything. Now that, it is time to switch to cow's milk that is available locally. Same goes with local made dairy products too.
We can grow vegies, poultry and even rice and they can adequately meet our requirements without imports.

Electricity:
The sharp rise in electricity bills and constant power cuts have caused the country to stay in darkness for extended hours at night.
On a positive side, this will allow family members to spend quality time together in one main spot at home, instead of staying in different rooms with TVs, mobiles & laptops. Staying together as family will improve quality family time which is the need of the hour in the country.

This can further indirectly influence our young kids to study hard rather than drowning with mobile games.

Food:
With increased gas price and other hikes cooking at home is another problem. Except for the rich, others will have to go back to traditional cooking methods. Eating out will be another question too. So, Good bye fast food & Good bye health issues.
But this also means, eating healthy.
Our mothers cooked at home, and stayed in good shape without the electronic cooking support. This time, it is going to be our mother's & father's role to share the kitchen just as they share the work outside. Another healthy beginning

Female work force
Sri Lanka is one of the worst countries where the female workforce contribution in the economy is very low.
Here women are allowed to work only if they are highly educated and secured a decent job. They don't work on menial jobs inside the country.
But IMF suggest, having increased female work force is inevitable to reverse the country's crisis for now.
More female economic power will also influence women's decision making down the line. Gender equality is an achievable objective if that happens here.
This will also influence women's participation in Politics too.

Sad to say, but honestly Sri Lankan people are full of hatred. Sinhalese hate Tamils & Muslims, Tamils Hate Sinhalese & Muslims, and Muslims hate both.
Political supporters hate each other. The rich hate the poor and the poor hate the rich.
We are divided into multiple pieces even though we are a small island nation.

The beauty in the country is unfortunately not in the hearts of the people.

However, this crisis will definitely change everyone as it has commonly affected all.
perhaps, this is the bitter pill that we are supposed to swallow to cure the hatred we have in our minds now

I believe, by the time I retire (in 20+ years), I can see a wonderful Sri lanka, with healthy & peaceful people who love each other.

May God bless Sri Lanka

 

Thanks for your feedback. Even though SL Tamils are Tamils in general, they do not consider themselves in anyway related to the Tamils in India. It is strange, but truth.
That's why we have a small minority group called Indian Tamils living in the hill country.

These so called Northern based Sri Lankan Tamils do not share a great bond with the minority Indian Tamils unlike how Tamil nadu people are fond of Sri Lankan Tamils.

These Indian Tamils lived in this country for centuries as stateless persons. But with UN's intervention when SL's then government initiated a plan to give these people citizenship, it was the Tamils of the North (So called SL Tamils) who objected & voted against in the Parliament. Till date the hatred for each other is visible in many ways.

On the other hand, SL Muslims are Tamils by ethnicity. But they do not consider them as Tamils, rather chose to remain a separate ethnic group based on their religion.

Due to this difference, the LTTE group decided to ethnically cleanse them in 1990. All the Muslims of the North & Eastern region of SL were forcefully expelled out from their homes within 48 hrs time, leaving thousands of internally displaced Muslims in the country for many decades.

Among the SL Tamils, there are clear divination such as Northern & Eastern Tamils based on their origins. The Northern ones do not treat the Eastern Tamils equally, hence Mr.Karuna & team separated from the LTTE group resulting their major defeat at the end of war.
Even if LTTE were successful in obtaining Tamil Eazham, they would have ended up fighting between north & east or caste basis for the power as it is the norm among Sri lankans.

This is a small island nation & what i have explained above was just about the Tamils alone.
Sinhalese are no different either. Because they too share the same genes of the entire Sri Lankans & it is unfortunately full of hatred.

I sincerely pray this crisis will teach them the lesson to accept each other & live peacefully.

 

Unfortunately I saw many things in person as I worked on the humanitarian front immediately after the war & heard first hand accounts of those who have directly affected from the war.
War is tasteless, and those who were responsible for that bloody war (Both the Government, it's supporters, LTTE and it's supporters from all over the world) should be held responsible for what it caused to the people & the country as a whole.

There was so much politics from both ends, and it is the people who bear the results of that bloody war.

Just to reiterate .. No one is innocent in Sri Lankan war. No one is a war hero!

 

You are on point.
Not sure whether you are aware of the 2019 Sri Lanka Easter bombings - Wikipedia that changed the country's fate of recent times.
The bloody attack has got nothing to do with any terrorism related matters, but a pure political agenda that used terrorists for the play.
As you have rightly said, the so called plan in the name of counter terrorism was for money. Rather it was to safeguard for those who have looted the country in the past.
But how it worked?
The hatred in people's mind wanted a regime that could suppress the minorities (Muslims), because they feared the minorities could rule them if left normal or untouched.
This is why they voted for someone with a history of looting, just because he & his team was successful in suppressing another minority community (Tamils) just before a decade.

If that hatred wasn't enough, the fellow minorities (tamils) also wished it was right because they hated their other minority (Muslims); hence stood by their enemy this time. Ethirikku ethiri nanban theme!

The regime is back in action, started looting what was left and now the country is in crisis.
Now that, people are ready to be on street to protest, but knowing their pulse, soon there will be a clash or an attack on the name of LTTE (Tamils) or ISIS (Muslims); hence the bloody nation will start fighting against each other forgetting the crisis & the looters.

Now tell me... Who can save them?

 

Thanks for the interesting conversation.

Change is inevitable. Just that, it has to happen from within. No one can force it.
People need to be exposed. They need to see different cultures, different religions and different people to understand there is no difference in humans. We are the same!

If we are clear, no one can confuse us.
Politicians can no longer prey us for their own benefits.
We can chose our leaders instead of doing it otherwise. This will take a long time, but like in many many countries, it will change one day!