Covid 19 And current economic crisis in Sri Lanka
Covid 19 and economic crisis in Sri Lanka.
From 3 weeks time, all the sector's of the country was at temporary rest due to unavoidable circumstances related to Covid 19.By the time, first Sri Lankan corona infected was found the government decided to Stop all the sectors until ensure safe surrounding. At the very first time when the outbreak was set in, Hon minister Bandula Gunawardana was declared holiday for one single day. Then there were massive displeasure coming from public stating, "by approving holiday for one single day was it sufficient and mindful to control Covid 19 pandemic in Sri Lanka. Some parties argued that the government was propel the citizen towards state of risk. By the time whispering coming from the majority asking for lock-down the country. Ultimately the holiday was extended without sine die except essential services. The country was locked-down within six days after found 1st Covid 19 patient in Sri Lanka.with that all the sectors of the country was temporary stopped.
Last year, after Easter Sunday bomb attack the economy of the country was seriously affected. Tourism was faltered. It affected 1.5 million individuals directly and indirectly.Sri Lankan economy mainly depended on 3 major sectors. Those sectors are respectively,
1.Forein employment
2.International Tourism
3.Import sector basically appeal
With that Corona pandemic all 3 sectors are at huge risk. Foreign employment will cease due to economic crisis begin with Covid 19 in developing world. With that the number of vacancies will limited ( USA declared recently that they are going to lay off 4 million employments). Then they will start to give priority to their own citizen other than foreigners. International tourism will stop with terminating access to the country. Imports will cease due to lack of raw materials needed to continous production process due to close international boarders and access to sea ports.
the effect can be mention as further
📌Less foreign jobs✈💰💵
The Middle East, which is the main job market for over half a million Sri Lankan expatriates, has seen the reality of the deadly virus. Some of the Middle Eastern countries have imposed travel restrictions and shut down their airports while the prices of crude oil, which is the main sources of income for many Gulf countries, have plunged on lower demand after the COVID-19 outbreak. This means many Sri Lankans are likely to lose jobs in the Middle East or will be forced to seek alternative jobs, perhaps at a lower wage
📌Tourism surge suffers🌍⛱🎰
Sri Lanka’s tourism industry had almost completely recovered in December after the Easter Sunday attack last year. The leisure sector was preparing for a stronger growth in 2020 before the bad news on the novel coronavirus outbreak. With the State-run SriLankan Airlines cancelling as many as 36 flights per week to China and the Middle East as a response to the COVID-19 outbreak, the tourism industry will see a further dip in earnings. Since the end of the war, tourism has become the fastest-growing foreign exchange earner with related sectors like transport and food and beverage also benefitting immensely. Thus, the coronavirus fear will dent tourism in the country, which could hit hotel, food and beverage, and transport sectors significantly.
📌Hit on import sector💸📦📉
China is Sri Lanka’s top importer now, with 21% of our goods bought from the Far Eastern nation. The outbreak in China means many Chinese locals are unable to work in their own manufacturing plants and thus Sri Lankan importers will have look at alternative destinations. There are two risk factors associated with this: delays and higher prices.
📌Tight finance🔎💵
The Government’s financing for its infrastructure drive and other projects is not going to be easy this year. President Gotabaya Rajapaksa’s administration will have to allocate a significant amount of unplanned spending on COVID-19 threats and drought. This financing could make Government funding difficult, especially at a time when it has reduced taxes and State revenue is on the decline.
So That was the situation we have to face even after eradicate Coved 19 from Sri Lanka. We are at the door step of economic Crisis. It will turn in to recession definitely. If the situation turns more bad it may pave in to economic depression. If it happen millions of Sri Lankans will die due to hunger. It is more worse than Coved 19 pandemic. After control the pandemic we have to work hard until the economy become stable. Some times we have to work voluntarily as British did during 2012 just after Olympic was finished. At that time the economy of British was at doorstep of recession. Even royal family was cut down their expenses. However they completed the mission successfully
However sad to say ,it took my country several decades retrogress on the journey of development!
Ovin Amaratunga
Faculty of Agriculture
From 3 weeks time, all the sector's of the country was at temporary rest due to unavoidable circumstances related to Covid 19.By the time, first Sri Lankan corona infected was found the government decided to Stop all the sectors until ensure safe surrounding. At the very first time when the outbreak was set in, Hon minister Bandula Gunawardana was declared holiday for one single day. Then there were massive displeasure coming from public stating, "by approving holiday for one single day was it sufficient and mindful to control Covid 19 pandemic in Sri Lanka. Some parties argued that the government was propel the citizen towards state of risk. By the time whispering coming from the majority asking for lock-down the country. Ultimately the holiday was extended without sine die except essential services. The country was locked-down within six days after found 1st Covid 19 patient in Sri Lanka.with that all the sectors of the country was temporary stopped.
Last year, after Easter Sunday bomb attack the economy of the country was seriously affected. Tourism was faltered. It affected 1.5 million individuals directly and indirectly.Sri Lankan economy mainly depended on 3 major sectors. Those sectors are respectively,
1.Forein employment
2.International Tourism
3.Import sector basically appeal
With that Corona pandemic all 3 sectors are at huge risk. Foreign employment will cease due to economic crisis begin with Covid 19 in developing world. With that the number of vacancies will limited ( USA declared recently that they are going to lay off 4 million employments). Then they will start to give priority to their own citizen other than foreigners. International tourism will stop with terminating access to the country. Imports will cease due to lack of raw materials needed to continous production process due to close international boarders and access to sea ports.
the effect can be mention as further
📌Less foreign jobs✈💰💵
The Middle East, which is the main job market for over half a million Sri Lankan expatriates, has seen the reality of the deadly virus. Some of the Middle Eastern countries have imposed travel restrictions and shut down their airports while the prices of crude oil, which is the main sources of income for many Gulf countries, have plunged on lower demand after the COVID-19 outbreak. This means many Sri Lankans are likely to lose jobs in the Middle East or will be forced to seek alternative jobs, perhaps at a lower wage
📌Tourism surge suffers🌍⛱🎰
Sri Lanka’s tourism industry had almost completely recovered in December after the Easter Sunday attack last year. The leisure sector was preparing for a stronger growth in 2020 before the bad news on the novel coronavirus outbreak. With the State-run SriLankan Airlines cancelling as many as 36 flights per week to China and the Middle East as a response to the COVID-19 outbreak, the tourism industry will see a further dip in earnings. Since the end of the war, tourism has become the fastest-growing foreign exchange earner with related sectors like transport and food and beverage also benefitting immensely. Thus, the coronavirus fear will dent tourism in the country, which could hit hotel, food and beverage, and transport sectors significantly.
📌Hit on import sector💸📦📉
China is Sri Lanka’s top importer now, with 21% of our goods bought from the Far Eastern nation. The outbreak in China means many Chinese locals are unable to work in their own manufacturing plants and thus Sri Lankan importers will have look at alternative destinations. There are two risk factors associated with this: delays and higher prices.
📌Tight finance🔎💵
The Government’s financing for its infrastructure drive and other projects is not going to be easy this year. President Gotabaya Rajapaksa’s administration will have to allocate a significant amount of unplanned spending on COVID-19 threats and drought. This financing could make Government funding difficult, especially at a time when it has reduced taxes and State revenue is on the decline.
So That was the situation we have to face even after eradicate Coved 19 from Sri Lanka. We are at the door step of economic Crisis. It will turn in to recession definitely. If the situation turns more bad it may pave in to economic depression. If it happen millions of Sri Lankans will die due to hunger. It is more worse than Coved 19 pandemic. After control the pandemic we have to work hard until the economy become stable. Some times we have to work voluntarily as British did during 2012 just after Olympic was finished. At that time the economy of British was at doorstep of recession. Even royal family was cut down their expenses. However they completed the mission successfully
However sad to say ,it took my country several decades retrogress on the journey of development!
Ovin Amaratunga
Faculty of Agriculture
A side that very few people talk about right now. Very insightful!
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