{"id":146342,"date":"2022-05-13T11:23:09","date_gmt":"2022-05-13T05:53:09","guid":{"rendered":"https:\/\/www.caravanalive.com\/?p=146342"},"modified":"2022-05-13T11:23:09","modified_gmt":"2022-05-13T05:53:09","slug":"sri-lanka-crisis-factors-behind-triggering-a-historic-depression","status":"publish","type":"post","link":"https:\/\/www.caravanalive.com\/?p=146342","title":{"rendered":"Sri Lanka Crisis: Factors Behind Triggering A Historic Depression"},"content":{"rendered":"<div class=\"2a6a8c3593e6620bd92d71f585bdd19b\" data-index=\"4\" style=\"float: none; margin:10px 0 10px 0; text-align:center;\">\n<script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6453632170035383\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- NEW RESPONSIVE -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6453632170035383\"\r\n     data-ad-slot=\"2960496911\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\n<\/div>\n<p>Sri Lanka has been in the news such a lot recently that its current woes are the things of popular knowledge.<\/p>\n<p>The acute deprivation caused to its people thanks to the absence of their staple food at a reasonable price within the market and therefore the shortage of petrol at the pump is evident.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/akm-img-a-in.tosshub.com\/businesstoday\/images\/story\/202203\/h75cq6r3o5jbneom24t6gphj7q-sixteen_nine.jpg?size=1200:675\" alt=\"China's COVID cases more than double as country faces biggest outbreak so far - BusinessToday\" \/><\/p>\n<p>The Covid-19 Pandemic that put the entire tourism industry on hold which was the beauty of Sri Lanka. As far as the percentage is concerned, It accounted for 10% of Sri Lanka\u2019s GDP.<\/p>\n<p>This led to a dip in the forex reserve (from $7.5 billion in 2019 to $2.8 billion in July 2021). High debt resulting from other sources of revenue led to high cost in importing of essential items, including food.<\/p>\n<p>A depreciated currency, high dependence on imports and hoarding led to a steep rise in food prices in the country. The Hambantota port was another white elephant project by the current government to shorten its economic woes.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/akm-img-a-in.tosshub.com\/indiatoday\/images\/story\/201707\/hambantota-port-reuters-story_647_072917061832.jpg?size=1200:675\" alt=\"Sri Lanka leases Hambantota port to China for non-military use. Should India worry? - India News\" \/><\/p>\n<p>Instead, it only further increased the debt problem that country faced because it had taken $1 billion from China.<\/p>\n<p>The ongoing Russo-Ukrainian Conflict is also an element which has effects on the already precarious financial condition of the country.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/akm-img-a-in.tosshub.com\/aajtak\/images\/story\/202205\/sri_lanka_crisis_0-sixteen_nine.jpg?size=1200:675\" alt=\"Sri Lankan Crisis: \u0936\u094d\u0930\u0940\u0932\u0902\u0915\u093e \u092e\u0947\u0902 \u092c\u0935\u093e\u0932 \u0915\u093e \u0905\u0938\u0930, \u0905\u0927\u0930 \u092e\u0947\u0902 AUS \u091f\u0940\u092e \u0915\u093e \u0926\u094c\u0930\u093e, \u090f\u0936\u093f\u092f\u093e \u0915\u092a \u092a\u0930 \u092d\u0940 \u0938\u0935\u093e\u0932 - Sri Lanka Economic Crisis effect on Cricket Australia tour of Sri lanka\" \/><\/p>\n<p>The obvious reason is that the both the Sri Lankan tourism relies on arrivals from Russia and Ukraine and we all know about the war situations. Russia is additionally the second biggest market for the country when it involves tea exports.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/kwttoday.com\/wp-content\/uploads\/2021\/02\/srilanka.jpg?fit=1200%2C675&amp;ssl=1\" alt=\"Sri Lanka Reopens International Tourism - KWT Today\" \/><\/p>\n<p>Thus, the war within the Ukraine put a significant dent within the path of economic recovery of land.<\/p>\n\n<div style=\"font-size: 0px; height: 0px; line-height: 0px; margin: 0; padding: 0; clear: both;\"><\/div>","protected":false},"excerpt":{"rendered":"<p>Sri Lanka has been in the news such a lot recently that its current woes are the things of popular knowledge. The acute deprivation caused to its people thanks to the absence of their staple food at a reasonable price within the market and therefore the shortage of petrol at the pump is evident. The [&hellip;]<\/p>\n","protected":false},"author":23,"featured_media":146416,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[{"category_id":36,"category_link":"https:\/\/www.caravanalive.com\/?cat=36","category_name":"Article"},{"category_id":1265,"category_link":"https:\/\/www.caravanalive.com\/?cat=1265","category_name":"International"},{"category_id":137,"category_link":"https:\/\/www.caravanalive.com\/?cat=137","category_name":"News"}],"tags":[{"tag_id":4665,"tag_link":"https:\/\/www.caravanalive.com\/?tag=economical-crisis-in-sri-lanka","tag_name":"economical crisis in sri lanka"},{"tag_id":4302,"tag_link":"https:\/\/www.caravanalive.com\/?tag=sri-lanka-economy","tag_name":"SRI LANKA ECONOMY"}],"class_list":["post-146342","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-article","category-international","category-news","tag-economical-crisis-in-sri-lanka","tag-sri-lanka-economy"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Sri Lanka Crisis: Factors Behind Triggering A Historic Depression - Alive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.caravanalive.com\/?p=146342\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sri Lanka Crisis: Factors Behind Triggering A Historic Depression - Alive\" \/>\n<meta property=\"og:description\" content=\"Sri Lanka has been in the news such a lot recently that its current woes are the things of popular knowledge. 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