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Introduction:
Sri Lanka, once a shining pearl in the Indian Ocean, is now immersed in a serious crisis. This article will delve into the worst crisis since its departure from the colonial era, and rearrange the passages to show the country's economic, political, and social disintegration.
Tourism, foreign debt, agriculture, prices, everything is in the abyss in Sri Lanka. The government declared bankruptcy, the worst crisis since colonial times. A few days ago, Sri Lanka's economic situation deteriorated again, with problems with electricity supply for health care, banks and schools. In the face of hopeless life, some choose to smuggle immigrants, some take to the streets, and angry cries echo in the capital.
Sri Lanka was once the scene of civil war, and the Rajapaksa brothers won the hearts of the people by quelling civil strife. However, as time went on, their corruption in the government grew, and the brothers and their families became the shackles of the state. The economy gradually deteriorated and the protests intensified. The Prime Minister's resignation became a popular expectation, but it was not the end.
On July 9, angry crowds stormed the presidential palace and burned the president's residence, creating a thrilling picture. And all this is a painful response to the government's incompetence. The gates of the presidential palace were pushed open and people rushed in, but the president had left early, disappointing the angry populace. Inside the Presidential Palace, people were bathed in luxury and enjoyed hours of dreamtime, but after walking out of the Presidential Palace, Sri Lanka is still a fallen country.
To understand Sri Lanka's economic crisis, we must first start with government corruption and ethnic issues. The Rajapaksa brothers' rule plunged the country into a deep quagmire, and the corruption caused by the brothers' over-centralization became a vicious circle. Sri Lanka's foreign exchange reserves dried up as the pandemic hit the on, and the government blamed the pandemic on years of mismanagement.
From 2019, Gotabaya came to power as president. Large-scale tax cuts have led to a sharp reduction in fiscal revenues and a reduction in the state's ability to purchase foreign exchange. In 2021, the government took measures to ban the use of chemical fertilizers that rely on imports, resulting in a significant reduction in agricultural production. Coupled with dependence on external debt, Sri Lanka's economy has collapsed, and all this is just the tip of the iceberg of government mismanagement.
On May 19, Sri Lanka defaulted on its debt for the first time, triggering distrust in the international community. The food crisis caused by foreign exchange shortages and the ban on fertilizer, combined with soaring global food and energy prices, have made Sri Lankan life like a disaster movie. This series of disasters is the result of the loss of favor and corruption at the top of the government.
Sri Lanka was once a tourist destination, but the collapse of tourism has reduced the source of foreign exchange and made the economy even worse. The government's handling of the epidemic also appeared to be inadequate, missing the golden opportunity to control the epidemic early. Today, not only are people shouting for change in the streets, but even monks have joined the protests, and society seems to have lost control.
The president's resignation is the beginning of a transformation, but the path ahead is uncertain. Sri Lankan society has spiralled out of control and the conflict has intensified. Other countries may face similar predicament, and the aftermath of foreign debt and the epidemic will become future crises. Sri Lanka may only be the last country to collapse in 2022, and it remains to be seen whether other countries can avoid such a fate.
Revelation:
The current crisis in Sri Lanka has taught us that a government is prone to corruption and cronyism under long rule. The prolonged one-party rule led to skewed foreign exchange decisions within the government, and the government's poor management of domestic and foreign debt, led to an unprecedented economic collapse.
Secondly, Sri Lanka's economy is highly dependent on imports, especially imported fertilizers for agricultural production, which makes it difficult for agricultural production in the event of insufficient foreign exchange reserves. This single-dependent economic structure makes countries more vulnerable and prone to deep crises in the event of external shocks, such as the pandemic and changes in the international situation.
Moreover, prolonged political instability and social injustice are also one of the factors leading to social unrest. For Sri Lanka, the brothers' long reign led to increased corruption and social injustice, which eventually sparked popular discontent and mass protests. The government's disregard for people's livelihood and corruption have made the collapse of social order inevitable.
Summary:
The collapse of Sri Lanka is not only a short-term problem, but also a long-term political and economic system. The brothers' rule, a long civil war, and misjudgments about the structure of the economy have led to a series of problems in Sri Lanka.
First of all, the corruption and cronyism of the government have greatly reduced the country's ability to govern, and people's livelihood issues have been neglected. This led directly to the government's loss of trust and eventually mass protests.
Second, the homogeneous nature of the economic structure makes it inflexible for countries to respond to external shocks. Dependence on agricultural production and excessive dependence on imports make it difficult for countries to sustain themselves once faced with foreign exchange reserve problems.
Finally, chronic political instability and social unrest have weakened the cohesion within the State and called into question the legitimacy of the Government. This makes it impossible for the government to effectively maintain social order in the face of crisis, which eventually leads to the collapse of society.
This is a profound lesson for other countries. The government needs to pay more attention to improving governance capacity and building transparent and clean government institutions. At the same time, the diversification of the economic structure and the cultivation of self-sufficiency are essential. The government should pay attention to social fairness and justice and protect the basic rights and interests of the people in order to maintain social stability. In the context of globalization, countries need to be more cautious in their external relations so as not to fall into economic difficulties under external pressures.
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