COVID-19 and Impact on the Economy in Sri Lankan Context

Abstract

The world has always faced and struggled through various kinds of pandemics. However, Coronavirus 2019 can be described as the most affected such disease diagnosed in recent world history. It is a communicable disease that causes severe respiratory infections and ultimate death. Sri Lanka is now struggling between the end of its 3rd wave and the beginning of its 4th wave. Recent episodes of COVID-19 have affected the lives of citizens and the economy of the country to a great extent. This matter has been discussed by many scholars from different perspectives. The study focuses on many such research findings and statistics taken from different digital sources to identify the major sectors on which the COVID-19 affect the most and such sectors are identified as tourism, Apparel and Textile, agriculture, small & medium enterprises, and foreign exchange. The value of the Sri Lankan rupee has significantly been diminished against major currencies in the world, such as the USD. Sri Lankan government and the Central Bank of Sri Lanka has taken necessary actions to minimize the effect on the economy. However, the drawback of the economy is inevitable due to the present scenario. The study demonstrates the current status of Sri Lankan economy and suggests some measures which can be implemented to minimize the long-term economic impairment of the country.