A world apart, Lebanon and Sri Lanka share economic collapse
2 years, 6 months ago

A world apart, Lebanon and Sri Lanka share economic collapse

Associated Press  

BEIRUT — Lebanon and Sri Lanka may be a world apart, but they share a history of political turmoil and violence that led to the collapse of once-prosperous economies bedeviled by corruption, patronage, nepotism and incompetence. Experts say a dozen countries — including Egypt, Tunisia, Sudan, Afghanistan and Pakistan — could suffer the same fate as Lebanon and Sri Lanka, as the post-pandemic recovery and war in Ukraine spark global food shortages and a surge in prices. In Sri Lanka, with the economy still fragile after the 2019 Easter bombings, Gotabaya pushed through the largest tax cuts in the country’s history. The U.N. World Food Program says nearly nine of 10 Sri Lankan families are skipping meals or otherwise skimping to stretch their food, while 3 million are getting emergency humanitarian aid.

History of this topic

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