COVID-19 and Sri Lankan Economy

Abstract

Among all pandemics which spread out through world wide and ongoing pandemic COVID-19 is most hilarious. This virus is discovered in 2019 Wuhan in China. Symptoms of COVID-19 is variable yet frequently incorporate fever, breathing challenges and loss of smell and taste . Side effects start one to fourteen days after openness to the infection. All the affected country have been looking for safety precaution while few countries are researching the specific vaccine against corona virus . Now the situation is out of hand due to lack of awareness and management even vaccination period also. Sri Lanka made several precautions to control the spread of COVID-1 . This research explores the economic impact of COVID-19 in Sri Lanka. The study is mainly based on unemployment, tourism, export, apparel and textile. These all key words emphasis how Sri Lanka faced and facing the COVID-19 impact on economy and how far it reached to manage the situation. The data are based on research done by scholars and prof ,news papers, WHO statements, annual reports by world bank and Asian reports and articles.No of tourism arrival in January 2019 was highest and decreased in February 2019. As the pandemic started in March arrival of tourist decreased all of a sudden by 71370 (SLTDA2020) due to restriction of air ways, cancellation of viruses and impose of curfew through island wide in Sri Lanka more over other countries also facing the same situation. Earning is reduced to 956 USD (Jan-June 2020) from 1901 USD (Jan-June 2019). And also agriculture is one of the major income sector got affected due to break down of supply chain disrupted. Because of this some products got lack in stock and swung the price low and high. Sri Lanka Export Development Board in 2020 said that revenue is reduced by USD 1250.9Mn from USD 1469.7Mn in 2019. And also approximately more than 10000 people lost their lobs related to apparel and textile industry. (Joint Apparel Textile). The supply of raw materials disrupted and factories in Sri Lanka unable to run as usual. Unemployment is the sector got affected directly and indirectly, many people job become as a question mark while some lost their jobs and some are facing lack of salary specially in private sector. These got affected their families and future too. Government made so many precautions and making so many decisions to overcome the pandemic and to mange the economy level of Sri Lanka.