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LATEST NEWS UPDATES | Sri Lanka crisis: Why more countries are facing similar economic turmoil -Darpan Singh

Sri Lanka crisis: Why more countries are facing similar economic turmoil -Darpan Singh

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published Published on Jul 11, 2022   modified Modified on Jul 12, 2022

-IndiaToday.in

The economic crisis is not limited to Sri Lanka. From Europe to Asia to Africa, many emerging economies are slipping into chaos. Here is the why and what next.

Sri Lanka's President Gotabaya Rajapaksa and Prime Minister Ranil Wickremesinghe have said they will resign for an all-party interim government to take over. Thousands of demonstrators entered the palaces of both men in Colombo over the weekend as the bankrupt island nation slipped deeper into its worst economic crisis.

Visuals showed protesters lounging on beds and upholstered chairs, swimming, working out, playing the piano and gorging on good food. It was also a heartbreaking glimpse of the lifestyles the political elite had. At the same time, a country of 22 million people remains denied, for months, some of the most essential items there could be for survival. Rajapaksa and Wickremesinghe have not been seen in public since Friday.

In May, eight people were killed and more than 200 wounded as weeks of demonstrations escalated into bloodied clashes between groups supporting and protesting the government. Mahinda Rajapaksa had to resign as prime minister. Mahinda’s younger brother, Gotabaya Rajapaksa, rejected violent calls for his resignation and appointed Ranil Wickremesinghe as the new prime minister.

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IndiaToday.in, 11 July, 2022, https://www.indiatoday.in/news-analysis/story/sri-lanka-crisis-economic-turmoil-1974267-2022-07-11


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