Economy

How Covid 19 Affected Economy?

SL economy
Sri Lanka Economy

Covid 19 virus has affected on a major scale all over the world. In Sri Lanka economy is in the downfall for years. Covid 19 has thrived it. The government quickly ramped up containment measures when the first domestic cases of COVID-19 were identified in March 2020. From mid-March until June 2020, tourist arrivals were halted, and an island-wide curfew was imposed. The initial wave was successfully confined thanks to these procedures, which were complemented with thorough case discovery, contact tracing, quarantine, and isolation. But it wasn’t enough for the future and for the well-being of the people.
Sri Lanka’s GDP declined by 3.6 percent in 2020 as a result of the COVID-19 epidemic, the worst performance on record, as is the situation in many countries facing the pandemic. The government’s quick actions in the second quarter helped to curb the first wave of COVID-19, but they affected industries like tourism, construction, and transportation particularly severely while collapsing the economy.
Today with huge debts and covid uprising again, Sri Lanka’s economy is at its knees. The government printed a large sum of money to cover up the messes but, inflammation is rising again now. Most of the imports have been stopped and the dollar reserve is low than expected. At least, there should be enough to three months usually, but it’s less than 2 months now. Prices of the basic needy products are going high weekly. Vehicle prices are unbelievable.
Still, the government is not doing anything to develop the economy so, people with small businesses and daily wages are facing so many difficulties to sustain.

To windup, World’s economy is not doing so well, we know that. But, Sri Lanka’s economy is in a very critical and weak place. The government must take necessary actions to prevent covid 19 by vaccination and also providing needy medical support and also to make a clear plan to develop the economy.

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