Economic Crisis Due to the Pandemic - Evidence from Sri Lanka

Abstract

Throughout history, there have been a variety of epidemics. During this period, outbreaks appear to be intensifying, and the globe is facing yet another pandemic. It expands to almost 200 nations in a couple of months, despite being acknowledged. As well as the Philippines, Sri Lanka was also impacted. For a short time, Sri Lanka implemented travel restrictions and shuttered the nation, but these were not long-term answers. Accordingly, the influence of COVID-19 on the Sri Lankan economy is explored in this review using tables, charts, and data representations. The virus was originally discovered in China in December of 2019. In the present day, more than a quarter of the world's population is restricted from traveling. However, it would be irresponsible to disregard the economic implications of the COVID-19 epidemic. If you don't do it well, it will lead to further harm. Sri Lanka, for example, has a small economy that has been adversely affected by the pandemic since its macro and micro-economy rely on export earnings to produce foreign cash. Due to the pandemic the country is facing examinations under the GDP in respect to industries Due to travel limitations, the tourist industry has collapsed, and the changes in the hotel, restaurant, and other private service sectors have resulted in a mid-term and worst-case situation, as compared to the average in South Asian nations. Comparing COVID-19 with the average value in South Asian nations, the effect of COVID-19 on employers is also examined on three different levels Changes in currency rates and remittances are also cited as a contributing factor to Sri Lanka's second problem. Also Compared to the average value in South Asian nations, the effect of COVID-19 on employers is examined on three different fronts. Changes in currency rates and remittances are also cited as a contributing factor to Sri Lanka's second problem. Graphs have also been created to illustrate changes in household income and the influence of COVID-19 on it across industries and household classifications. Therefore, it is apparent that the COVID-19 outbreak might have a negative impact on the Sri Lankan economy, and that the highlighted economic concerns must be effectively handled.