COVID-19 Impact on Sri Lankan Economics

Abstract

COVID-19 is quickly spreading across the world since 2019(2020 WHO) it has been really difficult for humankind in the new past years. The pandemic outbreak radically affected China's economy, the stoppage in China's economy affected rest of the world too. Sri Lanka is additionally not an exemption for this. The first COVID-19 case was accounted for in Mar 11 in Sri Lanka after that numerous other positive COVID-19 cases were recognized and government has taken pre alert techniques to control the pandemic effectively for around a half year yet presently the circumstance is out of our hand. COVID-19 pandemic made more adverse consequences in key pay areas like the travel industry, send out profit, little and medium business, tea, clothing and material fares. Sri Lanka's tea creation for the period January - December 2019 totaled 300.1 million kgs and it was decreased to 278.5million kgs in January – December 2020 (Tea Exporters Association Sri Lanka). Clothing trades for the year 2019 was 481mn$ diminished to 382.28mn$ in 2020(Apparel exporters affiliation) Also, Colombo stock exchange detailed a verifiable low in mid-March, in addition Sri Lanka's outer area execution debilitated because of absence of fares this was because of the movement limitations, Closure of ports and air terminals. In the interim the swelling of the country in 2019 announced 4.3% increased to 4.56% in 2020. Be that as it may, a few suggestions carried out by Central Bank of Sri Lanka (CBSL) to reinforce and reconstruct the financial. Ban offices allowed for the advances, working capital advances with a low loan fee to help the limited scale retailers and little medium business. As of now Sri Lanka recuperating from the pandemic effect and attempting to recuperate the monetary log jam.