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Currently, this island nation with a population of 22 million is experiencing the worst economic crisis since gaining independence in 1948. Over the past 6 years, its foreign exchange reserves have halved. There is a shortage of basic goods such as fuel, medicines, and food; inflation has soared to over 50% per year - all this describes the condition the country has found itself in.
The economic woes have led to mass protests and political instability. Sri Lanka has been forced to seek help from the IMF to stabilize its economy and from a less conscientious lender, communist China, which uses funds to expand its geopolitical influence. China has already turned Sri Lanka into the third largest debtor by loans in the world, where in exchange for debt repayment, it is building a naval base.
What is even more surprising: British colonial rule, which endowed the island with English law, a judicial and administrative system, unlike Singapore, did not become the foundation for economic prosperity.
In this video, we will examine the reasons for Sri Lanka's economic troubles, the hardships its people face, what the country can do to overcome this crisis, and what lessons Ukraine can learn from this situation.
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00:00 Introduction
02:47 History of Sri Lanka
12:08 Gaining Independence
14:45 Early Independence Period
21:09 Economic Liberalization
29:39 Civil War and Post-War Period
32:56 Economic and Political Crisis
48:20 Current Economy of Sri Lanka and Its Future
57:25 Conclusions
#economy #srilanka #asia