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What's behind Sri Lanka's worst economic crisis in decades?

Shortpedia

Content Team
Image Credit: NewsBytes

Sri Lanka is experiencing one of its most severe economic crises in decades, with rising inflation, weak government finances, and COVID-19 shattering the economy. Prices of everyday necessities including medicines, milk powder, cooking gas, and fuel have skyrocketed. The crisis is said to have been a result of the mismanagement of government finances. Meanwhile, food prices rose by nearly 25% last month.