Sri Lanka’s economic crisis has been brewing for a while. Years of policy missteps and a problematic growth model came to a head at the start of 2022, with a debilitating foreign reserves crisis. Shortages of essentials hurt families and firms. A precarious balance of payments position left little buffers to face the shocks emanating from global markets. All this culminated in the people’s rejection of the regime that oversaw the economic collapse, an uprising that lasted many months, and the installation of President Ranil Wickremasinghe under extraordinary circumstances, in July. (Read More)
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