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Research Paper | Management | Uganda | Volume 13 Issue 2, February 2024 | Popularity: 5.3 / 10

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Causes and Consequences of Economic Downfall of Sri Lanka: A Conceptual Analysis

Dr. Venkatesh Andavar

Abstract: Background: The problem began due to a number of interconnected factors, notably reduced taxes, money creation, a national drive to move to ecological or organic farming, the 2019 easter explosions in Sri Lanka, and the COVID - 19 pandemic's consequences in Sri Lanka. The riots in Sri Lanka in 2022 were brought on by the ensuing economic problems. Methods: The conceptual analysis method from qualitative research methodology employed in this paper to assess the causes and consequences of economic crsis of Srilanka. Results: Sri Lanka's response, particularly in the wake of the financial crisis, offers several lessons for developing nations looking to reduce risks and maintain stability. Since the nation has an abundance of natural resources, some of them include the capacity to act promptly and decisively, the ability to detect threats to major economies early on, the start practicing of "Long Termism" instead of "Short Termism, " the adoption of multiple policy measures and their concurrent implementation, careful collaboration between central banks and the governing bodies, and knowledge of the law of unforeseen effects.

Keywords: Srilanka, Economic crisis, Three Ts - Tea, Tourism, Textile

Edition: Volume 13 Issue 2, February 2024

Pages: 687 - 692

DOI: https://www.doi.org/10.21275/SR24131181237

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