What was once a thriving nation with economic potential, an educated population and beautiful scenery, seems to now be suffering from the worst economic crisis in modern history. Sri Lanka has found itself in a predicament worse than what it could ever have predicted. With cracks in its domestic economic policies coupled with the external shocks that hit the country, what lessons can the international community gain?
On July 5, 2022, Prime Minister Ranil Wickremesinghe declared that Sri Lanka was bankrupt. Days later, protesters stormed his office as well as former President Gotabaya Rajapaksa’s, forcing him to flee and eventually resign. What did the government do to attract the ire of Sri Lankans? How did a vibrant trading and tourism hub become a failed state? Ryan from The IAS Gazette investigates the series of unfortunate events that led to Sri Lanka’s economic crisis.
The IAS Gazette is a news site run by undergraduates from the Singapore Institute of Management’s International Affairs Society (IAS). Founded in 2018, it traces its roots to The Capital, a now defunct bimonthly magazine previously under the IAS.
