Sri Lankas government defaulted in April 2022. How is economy doing today?
The situation is dire. Sri Lankas GDP contracted by 7.8% last year and is contracting this year as well. Some 500,000 formal-sector jobs have been lost. Another 1 million informal jobs were lost in the construction sector. Cost of living has risen by over 70% with the crisis. According to the World Bank, the poverty rate doubled to 25% last year, and the UNDP reckons that multidimensional poverty now affects over half of our people. Multidimensional poverty takes account of things like child mortality, nutrition, school attendance and consumption patterns.
Doesnt the bailout your government agreed with the International Monetary Fund (IMF) help?
The problem is the…
Read the full article at: https://www.dandc.eu/en/article/imf-policies-did-not-solve-sri-lankas-problems-made-them-worse-claims-sociologist-who