The COVID-19 named as the worst economic shock in Sri Lankan story in this study viral outbreak, Sri Lanka is one of the most vulnerable middle income countries. Corona's economic effect may be expected to be significantly direct and indirect since the Sri Lankan economy depends mainly on foreign trade, as well as Sri Lankan rupee has significantly depreciated compared with the US dollar. Reaching Rs 201.21 which will affect its turn out income. This article discusses the impact of COVID-19 on Sri Lankan economy under the tourism sector, poverty, GDP and apparel and textiles.
{"title":"Impact of COVID-19 on Sri Lanka Economy","authors":"Srimal Dissanayaka","doi":"10.2139/ssrn.3913679","DOIUrl":"https://doi.org/10.2139/ssrn.3913679","url":null,"abstract":"The COVID-19 named as the worst economic shock in Sri Lankan story in this study viral outbreak, Sri Lanka is one of the most vulnerable middle income countries. Corona's economic effect may be expected to be significantly direct and indirect since the Sri Lankan economy depends mainly on foreign trade, as well as Sri Lankan rupee has significantly depreciated compared with the US dollar. Reaching Rs 201.21 which will affect its turn out income. This article discusses the impact of COVID-19 on Sri Lankan economy under the tourism sector, poverty, GDP and apparel and textiles.","PeriodicalId":20373,"journal":{"name":"Political Economy - Development: Health eJournal","volume":"25 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-08-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81060334","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Sri Lanka, along with the rest of the world, is facing the biggest health and economic crisis in living memory. The economy is facing more and more challenges day by day. Like many other economies in the world, the Sri Lankan economy has been severely affected in many ways, especially due to the restrictions imposed to curb the spread of the epidemic. Many cities around the world are inactive due to curfew or social and physical distance law. Only the essential services are in operation and everything else is inactive. Buying and selling are severely restricted. The people of the country must pay the price for the essential drive to provide food. This study found that income earning sectors such as agriculture, household income, apparel and textiles, tourism, export income, poverty and small and medium-sized enterprises have been affected by this pandemic. In addition, the construction sector, the transport sector, wholesale and retail trade and many other sectors that directly or indirectly contribute to the country’s economy are still suffering from the epidemic. With the spread of the epidemic, the cost of imports of food and beverages and pharmaceuticals increased. During the period from January to August 2020, global demand is declining and supply chains are being disrupted. Which arose due to imposed restrictions due to the blockade, the country experienced the largest recession in the second quarter of 2020 since the GDP calculation began. Banking and financial services in the midst of suspensions and disruptions to the country’s total cash flows in the sector brought significant risks has arisen on credit growth and the quality of bank’ assets. The epidemic has completely reduced the ability of the country’s financial decision-makers to achieve the economic growth targets set through monetary policy. Micro, small and medium enterprises as well as low income families are facing severe difficulties and appropriate measures need to be taken to control the epidemic through the use of innovative technology or by activating all these sectors. Indeed, the best tool for making decisions in unusual situations is to plan correctly. In order to reach a state of relief from the plague at this time, it is important to allocate resources efficiently and effectively and to prioritize the sectors with the most powerful provisions. However, the success of the fight against the COVID-19 epidemic, both locally and globally, will be crucial in determining the extent of the resurgence and pace of recovery of the local economy in the years to come.
{"title":"Impact of COVID-19 on Sri Lanka Economy","authors":"M. Dissanayaka","doi":"10.2139/ssrn.3913017","DOIUrl":"https://doi.org/10.2139/ssrn.3913017","url":null,"abstract":"Sri Lanka, along with the rest of the world, is facing the biggest health and economic crisis in living memory. The economy is facing more and more challenges day by day. Like many other economies in the world, the Sri Lankan economy has been severely affected in many ways, especially due to the restrictions imposed to curb the spread of the epidemic. Many cities around the world are inactive due to curfew or social and physical distance law. Only the essential services are in operation and everything else is inactive. Buying and selling are severely restricted. The people of the country must pay the price for the essential drive to provide food. This study found that income earning sectors such as agriculture, household income, apparel and textiles, tourism, export income, poverty and small and medium-sized enterprises have been affected by this pandemic. In addition, the construction sector, the transport sector, wholesale and retail trade and many other sectors that directly or indirectly contribute to the country’s economy are still suffering from the epidemic. With the spread of the epidemic, the cost of imports of food and beverages and pharmaceuticals increased. During the period from January to August 2020, global demand is declining and supply chains are being disrupted. Which arose due to imposed restrictions due to the blockade, the country experienced the largest recession in the second quarter of 2020 since the GDP calculation began. Banking and financial services in the midst of suspensions and disruptions to the country’s total cash flows in the sector brought significant risks has arisen on credit growth and the quality of bank’ assets. The epidemic has completely reduced the ability of the country’s financial decision-makers to achieve the economic growth targets set through monetary policy. Micro, small and medium enterprises as well as low income families are facing severe difficulties and appropriate measures need to be taken to control the epidemic through the use of innovative technology or by activating all these sectors. Indeed, the best tool for making decisions in unusual situations is to plan correctly. In order to reach a state of relief from the plague at this time, it is important to allocate resources efficiently and effectively and to prioritize the sectors with the most powerful provisions. However, the success of the fight against the COVID-19 epidemic, both locally and globally, will be crucial in determining the extent of the resurgence and pace of recovery of the local economy in the years to come.","PeriodicalId":20373,"journal":{"name":"Political Economy - Development: Health eJournal","volume":"39 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-08-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77290565","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
COVID-19 has been rapidly spreading across the globe, taking thousands of lives and bringing hundreds of economies to downturn and this review study comprehensively examines the impact of COVID-19 on GDP, inflation, stock market, poverty, employment and tourism industry downturn in Sri Lanka. In Sri Lanka, the first confirmed case of COVID-19 was reported on 27th January 2020. The infected person was a Chinese national who had arrived in Sri Lanka as a tourist two weeks prior to the reported date. After the treatments she was fully recovered and discharged on 19th February 2020. However, the worldwide travel bans imposed during the pandemic period, the arrival of tourists in the country decreased by 71% in March 2020 and tourists arrivals were nil in the following months of April, May and June. Similarly, the Purchasing Manager's Index [PMI] of the manufacturing sector, which was recorded at 54 in January 2020 dropped to 24.2 in April 2020 specifically owing to a decline in new orders, production and employment. Further, industrial exports in the country dropped by 74% while agricultural exports declined by 32% on a year over year basis, thereby posing an unfavourable effect on export earnings in the country. The impact of the pandemic on Small and Medium Scale Enterprises [SMEs] and the informal sector including daily wage earners was severe. One of another most pressing issues to be noted in terms of the social impacts of the pandemic is the disruption of educational activities. Lockdown restrictions that accompanied the demands for social distancing resulted in the closure of primary, secondary and tertiary educational establishments (Eg: schools, universities and support classes) As a relief , the government introduced a debt repayment moratorium which included a six-month debt moratorium for affected industries in tourism, garment, plantation and IT sectors and SMEs. the main objective of this review study is to explore the economic crisis arisen in Sri Lanka due to COVID-19. Accordingly, it is discussed about the various economic matters of macro and micro economic factors like Gross Domestic Production (GDP), employment, tourism, poverty, inflation and stock market effects along with valid statistical evidences. First heading of this paper discusses about the historical perspectives of global pandemics while bringing out sufficient evidences from the existing researches.
{"title":"The Devastating Impact on the Economy in the Wake of the COVID-19 Epidemic","authors":"Suwindika Hettihewa","doi":"10.2139/ssrn.3912340","DOIUrl":"https://doi.org/10.2139/ssrn.3912340","url":null,"abstract":"COVID-19 has been rapidly spreading across the globe, taking thousands of lives and bringing hundreds of economies to downturn and this review study comprehensively examines the impact of COVID-19 on GDP, inflation, stock market, poverty, employment and tourism industry downturn in Sri Lanka. In Sri Lanka, the first confirmed case of COVID-19 was reported on 27th January 2020. The infected person was a Chinese national who had arrived in Sri Lanka as a tourist two weeks prior to the reported date. After the treatments she was fully recovered and discharged on 19th February 2020. However, the worldwide travel bans imposed during the pandemic period, the arrival of tourists in the country decreased by 71% in March 2020 and tourists arrivals were nil in the following months of April, May and June. Similarly, the Purchasing Manager's Index [PMI] of the manufacturing sector, which was recorded at 54 in January 2020 dropped to 24.2 in April 2020 specifically owing to a decline in new orders, production and employment. Further, industrial exports in the country dropped by 74% while agricultural exports declined by 32% on a year over year basis, thereby posing an unfavourable effect on export earnings in the country. The impact of the pandemic on Small and Medium Scale Enterprises [SMEs] and the informal sector including daily wage earners was severe. One of another most pressing issues to be noted in terms of the social impacts of the pandemic is the disruption of educational activities. Lockdown restrictions that accompanied the demands for social distancing resulted in the closure of primary, secondary and tertiary educational establishments (Eg: schools, universities and support classes) As a relief , the government introduced a debt repayment moratorium which included a six-month debt moratorium for affected industries in tourism, garment, plantation and IT sectors and SMEs. the main objective of this review study is to explore the economic crisis arisen in Sri Lanka due to COVID-19. Accordingly, it is discussed about the various economic matters of macro and micro economic factors like Gross Domestic Production (GDP), employment, tourism, poverty, inflation and stock market effects along with valid statistical evidences. First heading of this paper discusses about the historical perspectives of global pandemics while bringing out sufficient evidences from the existing researches.","PeriodicalId":20373,"journal":{"name":"Political Economy - Development: Health eJournal","volume":"77 4","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-08-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72575443","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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.
{"title":"COVID-19 Impact on Sri Lankan Economics","authors":"Iroshan Kavinda","doi":"10.2139/ssrn.3911435","DOIUrl":"https://doi.org/10.2139/ssrn.3911435","url":null,"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.","PeriodicalId":20373,"journal":{"name":"Political Economy - Development: Health eJournal","volume":"177 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-08-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78599538","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The most recently identified Corona virus causes COVID-19, a communicable illness. Before the outbreak in Wuhan, China, in December 2019, no one had heard of this new virus (WHO, 2020). All of the afflicted nations have been seeking for a safety precaution, and a few countries have already specialized a Corona virus vaccination, but the issue has already spiralled out of control owing to a lack of knowledge and management. More than six months into the epidemic, Sri Lanka has made significant progress in limiting the spread of COVID-19; nonetheless, the threat remains after hitting the third COVID-19 wave. This paper determines on identifying the impact that has created within the Sri Lankan economy specifically pertaining to the key income sectors of the country, such as tourism, apparel and textile industry, small and medium enterprises, agriculture and food. Tea export income dropped to USD 270.1 million in January to March 2020. In March 2020, earnings from other agricultural sectors such as fruits and vegetable products and coconut production were substantially lower than in March 2019. Tourism earnings from January to June in 2019 were 1,901 USD, whereas they were 956 USD in 2020 (from January to June). This was due to restrictions placed on airport routes and visa cancellations. Due to delayed or cancelled orders from domestic and international clients, sales of more than 80% of small and medium businesses decreased. COVID-19’s impact on all these key revenue generating sectors in the country however led to a negative GDP growth of 3.6% whereby it can be concluded that the overall impact upon the pandemic on the country’s economy has left a negative impression and appropriate recommendations should be implemented to achieve an economic growth despite the ongoing pandemic of the country.
{"title":"The Impact of COVID-19 on the Sri Lankan Economy","authors":"Bhathrajith Kasun","doi":"10.2139/ssrn.3910286","DOIUrl":"https://doi.org/10.2139/ssrn.3910286","url":null,"abstract":"The most recently identified Corona virus causes COVID-19, a communicable illness. Before the outbreak in Wuhan, China, in December 2019, no one had heard of this new virus (WHO, 2020). All of the afflicted nations have been seeking for a safety precaution, and a few countries have already specialized a Corona virus vaccination, but the issue has already spiralled out of control owing to a lack of knowledge and management. More than six months into the epidemic, Sri Lanka has made significant progress in limiting the spread of COVID-19; nonetheless, the threat remains after hitting the third COVID-19 wave. This paper determines on identifying the impact that has created within the Sri Lankan economy specifically pertaining to the key income sectors of the country, such as tourism, apparel and textile industry, small and medium enterprises, agriculture and food. Tea export income dropped to USD 270.1 million in January to March 2020. In March 2020, earnings from other agricultural sectors such as fruits and vegetable products and coconut production were substantially lower than in March 2019. Tourism earnings from January to June in 2019 were 1,901 USD, whereas they were 956 USD in 2020 (from January to June). This was due to restrictions placed on airport routes and visa cancellations. Due to delayed or cancelled orders from domestic and international clients, sales of more than 80% of small and medium businesses decreased. COVID-19’s impact on all these key revenue generating sectors in the country however led to a negative GDP growth of 3.6% whereby it can be concluded that the overall impact upon the pandemic on the country’s economy has left a negative impression and appropriate recommendations should be implemented to achieve an economic growth despite the ongoing pandemic of the country.","PeriodicalId":20373,"journal":{"name":"Political Economy - Development: Health eJournal","volume":"160 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-08-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86171590","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The reporting of the first Sri Lankan COVID-19 case in march 2020 and led the government of Sri Lanka to quickly adopt a lockdown the entire country and the main objective of this lockdown situation was to protect our Sri Lankan population. This lockdown theory led a successful control of the pandemic as the number of cases and death reported was minimum but we want to say however this theory affected the our Sri Lankan economy badly. This study by analyzing Historical evidences on Global pandemic, what is COVID-19, How it affected in our education sector, Apparel and Textile sector, Health sector and etc. The Passive nature of policy responses adopted by the government in the face of the wave of COVID-19 targets the maintenance of economics activities during the pandemic. It will create a huge negative impact on economy otherwise our lifetime. This COVID-19 virus become an endless and as a result it will have a lingering effect on the economy.
{"title":"Economics Impact of COVID-19 Sri Lanka","authors":"Thilini Mallawa Arachchi","doi":"10.2139/ssrn.3909557","DOIUrl":"https://doi.org/10.2139/ssrn.3909557","url":null,"abstract":"The reporting of the first Sri Lankan COVID-19 case in march 2020 and led the government of Sri Lanka to quickly adopt a lockdown the entire country and the main objective of this lockdown situation was to protect our Sri Lankan population. This lockdown theory led a successful control of the pandemic as the number of cases and death reported was minimum but we want to say however this theory affected the our Sri Lankan economy badly. This study by analyzing Historical evidences on Global pandemic, what is COVID-19, How it affected in our education sector, Apparel and Textile sector, Health sector and etc. The Passive nature of policy responses adopted by the government in the face of the wave of COVID-19 targets the maintenance of economics activities during the pandemic. It will create a huge negative impact on economy otherwise our lifetime. This COVID-19 virus become an endless and as a result it will have a lingering effect on the economy.","PeriodicalId":20373,"journal":{"name":"Political Economy - Development: Health eJournal","volume":"5 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-08-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82094763","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
COVID-19 is a type of coronavirus disease be long the family coronavirus. The disease is thought to originate from bats and was spread to people through an unknown medium in Wuhan, China. Ideally, the condition is spread by inhalation or close interaction with infected droplets that have been an inclination period between two fourteen date. Today they are thousands of in factions and deaths that have been caused by the disease. This research examine the impact and COVID-19 Sri Lanka economy and histological evidences of coronavirus. Sri Lanka economic are specific objective are to identify the outbreak on the key economic earning sector such as tourisms, food and agriculture, export of apparels and textile, small medium scale enterprices, GDP and national output, heavily dependence on Chinese important, high risk of depleting foreign reserves and reinvigorable the sri Lankan economic. This research study is based on the secondary data such as published, export revenue report of central bank of Sri Lanka and newspaper articles, world health organization .The study also observed micro and macro-economic impact of COVID-19, through projecting poverty dynamics under four way poverty classification is the predictions reveals that. there is a greater potential of increasing poverty incident related to all poverty types under percent pandemic situation. COVID-19 which will be higher than expected the long term economic development process. There for this paper provides to information on COVID-19 as disease the introduction, historical evidence, impact of Sri Lanka economy.
{"title":"Impact of COVID-19 on Sri Lankan Economiy","authors":"K.M.N. Madumali","doi":"10.2139/ssrn.3909525","DOIUrl":"https://doi.org/10.2139/ssrn.3909525","url":null,"abstract":"COVID-19 is a type of coronavirus disease be long the family coronavirus. The disease is thought to originate from bats and was spread to people through an unknown medium in Wuhan, China. Ideally, the condition is spread by inhalation or close interaction with infected droplets that have been an inclination period between two fourteen date. Today they are thousands of in factions and deaths that have been caused by the disease. This research examine the impact and COVID-19 Sri Lanka economy and histological evidences of coronavirus. Sri Lanka economic are specific objective are to identify the outbreak on the key economic earning sector such as tourisms, food and agriculture, export of apparels and textile, small medium scale enterprices, GDP and national output, heavily dependence on Chinese important, high risk of depleting foreign reserves and reinvigorable the sri Lankan economic. This research study is based on the secondary data such as published, export revenue report of central bank of Sri Lanka and newspaper articles, world health organization .The study also observed micro and macro-economic impact of COVID-19, through projecting poverty dynamics under four way poverty classification is the predictions reveals that. there is a greater potential of increasing poverty incident related to all poverty types under percent pandemic situation. COVID-19 which will be higher than expected the long term economic development process. There for this paper provides to information on COVID-19 as disease the introduction, historical evidence, impact of Sri Lanka economy.","PeriodicalId":20373,"journal":{"name":"Political Economy - Development: Health eJournal","volume":"12 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-08-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88795143","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The pandemic has unleashed a global shock impacting all economies in several ways. The lockdowns have brought economic activity to a standstill, with the closure of businesses and halting of travel, trade and commerce. Even as the impact on sensitive sectors as trade, tourism and remittances are already becoming visible, it is imperative to understand how these are impacting economies in Asia. This article studies these impacts on Sri Lankan Economy, both of which being wired to the globalized world, are witnessing adverse impacts on earnings through exports and tourism as well as a huge decline in inward remittances. Even as countries beef up their health infrastructure, they also seek to restart international travel and trade. Hence, the role of the state is critical to pull the economies out of the de- globalization trends that are expected to gain pace in and beyond 2020. This section discusses how the first wave of COVID-19 pandemic affects the various components of exports and imports of Sri Lanka. The impact on the industrial/ manufacturing sector exports and its major components such as export of textile and garment products, petroleum products and rubber products based on the availability of monthly data are examined. The impact on exports of tea, rubber, coconut and total agricultural exports and components of imports is also anali. This review paper the economic impact of COVID-19 on Sri Lankan economy and the specific objectives are to identify the outbreak on the key economic income earning sector such as tourism, food and agriculture, exports of apparels and textiles and small and medium scale enterprises and effects of COVID-19 on the Sri Lankan economy.
{"title":"Impact of COVID-19 on Sri Lankan Economy","authors":"G.R. Geetha Malkanthi","doi":"10.2139/ssrn.3909682","DOIUrl":"https://doi.org/10.2139/ssrn.3909682","url":null,"abstract":"The pandemic has unleashed a global shock impacting all economies in several ways. The lockdowns have brought economic activity to a standstill, with the closure of businesses and halting of travel, trade and commerce. Even as the impact on sensitive sectors as trade, tourism and remittances are already becoming visible, it is imperative to understand how these are impacting economies in Asia. This article studies these impacts on Sri Lankan Economy, both of which being wired to the globalized world, are witnessing adverse impacts on earnings through exports and tourism as well as a huge decline in inward remittances. Even as countries beef up their health infrastructure, they also seek to restart international travel and trade. Hence, the role of the state is critical to pull the economies out of the de- globalization trends that are expected to gain pace in and beyond 2020. This section discusses how the first wave of COVID-19 pandemic affects the various components of exports and imports of Sri Lanka. The impact on the industrial/ manufacturing sector exports and its major components such as export of textile and garment products, petroleum products and rubber products based on the availability of monthly data are examined. The impact on exports of tea, rubber, coconut and total agricultural exports and components of imports is also anali. This review paper the economic impact of COVID-19 on Sri Lankan economy and the specific objectives are to identify the outbreak on the key economic income earning sector such as tourism, food and agriculture, exports of apparels and textiles and small and medium scale enterprises and effects of COVID-19 on the Sri Lankan economy.","PeriodicalId":20373,"journal":{"name":"Political Economy - Development: Health eJournal","volume":"47 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-08-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88568303","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
COVID-19 is the ongoing menace to the all over the world, labelled as pandemic and worst economic shock in recent history. Sri Lanka is one of the most vulnerable middle-income countries suffer most during this novel virus outbreak. The economic impact of COVID-19 can expect substantially both direct and indirect. Sri Lankan economy mainly depends on the foreign trade. This paper examines the impact of COVID-19 on the Sri Lankan economy and specific objectives are to assess the impact of COVID-19 using economic indicators, to find out the impact of COVID-19 outbreak on the tourism, agriculture and apparel and textile sector and to find out the solutions and recommendations to revitalize the Sri Lankan economy in future. This research study is based on the secondary data such as published research articles, Sri Lankan reports and newspaper articles. The outcomes uncovered that there is a tremendous effect due to COVID-19 on the Sri Lankan economy. Because, China is one of the major country linked with Sri Lanka in tourism, investment and many agreements. It is the second largest source market for Sri Lanka in terms of tourism and imports and the main supplier of raw materials for textiles also. Therefore, COVID-19 in China has been caused a significant impact on Sri Lankan economy. And also there is many ongoing trades with USA, UK and European countries as well. It is also affected by COVID-19 pandemic due to decreased demand for exports. Demand for the tourism is dropped now. There is global travel restriction for foreign passengers from mid-March in Sri Lanka due to the closed of Sri Lanka’s border and travel restrictions between the districts. There is a considerable amount of Sri Lankan employers have been terminated in Middle East countries. It will affect the foreign income and Sri Lankan rupee is considerably depreciated against US dollar and reached. We can conclude that Sri Lanka is the most susceptible middle income country due to the impact of COVID-19 pandemic. Therefore, proactive policy measures should be undertaken to mitigate the economic slowdown in Sri Lanka.
{"title":"Analysing the Impact of COVID-19 on Sri Lanka Economy","authors":"Chethiya Ranwala","doi":"10.2139/ssrn.3910095","DOIUrl":"https://doi.org/10.2139/ssrn.3910095","url":null,"abstract":"COVID-19 is the ongoing menace to the all over the world, labelled as pandemic and worst economic shock in recent history. Sri Lanka is one of the most vulnerable middle-income countries suffer most during this novel virus outbreak. The economic impact of COVID-19 can expect substantially both direct and indirect. Sri Lankan economy mainly depends on the foreign trade. This paper examines the impact of COVID-19 on the Sri Lankan economy and specific objectives are to assess the impact of COVID-19 using economic indicators, to find out the impact of COVID-19 outbreak on the tourism, agriculture and apparel and textile sector and to find out the solutions and recommendations to revitalize the Sri Lankan economy in future. This research study is based on the secondary data such as published research articles, Sri Lankan reports and newspaper articles. The outcomes uncovered that there is a tremendous effect due to COVID-19 on the Sri Lankan economy. Because, China is one of the major country linked with Sri Lanka in tourism, investment and many agreements. It is the second largest source market for Sri Lanka in terms of tourism and imports and the main supplier of raw materials for textiles also. Therefore, COVID-19 in China has been caused a significant impact on Sri Lankan economy. And also there is many ongoing trades with USA, UK and European countries as well. It is also affected by COVID-19 pandemic due to decreased demand for exports. Demand for the tourism is dropped now. There is global travel restriction for foreign passengers from mid-March in Sri Lanka due to the closed of Sri Lanka’s border and travel restrictions between the districts. There is a considerable amount of Sri Lankan employers have been terminated in Middle East countries. It will affect the foreign income and Sri Lankan rupee is considerably depreciated against US dollar and reached. We can conclude that Sri Lanka is the most susceptible middle income country due to the impact of COVID-19 pandemic. Therefore, proactive policy measures should be undertaken to mitigate the economic slowdown in Sri Lanka.","PeriodicalId":20373,"journal":{"name":"Political Economy - Development: Health eJournal","volume":"24 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-08-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84725198","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The COVID-19 epidemic, which began in December 2019 in Wuhan, Hubei Province, China, has now engulfed the health and economic sectors of the entire world. The epidemic has been affecting the economy and lives of the people of Sri Lanka since April 9, 2019 and the epidemic had a major impact on GDP, unemployment, foreign investment, tourism and the stock market also. The Sri Lankan economy has shrunk due to the COVID-19 impact, which is seen as a record economic contraction. Increased spending and low revenues in the face of the epidemic led to a deterioration in the fiscal position. Poverty also increased significantly due to the loss of jobs and earnings. The stock market in March 2020 recorded a historic decline, reflecting the country's financial situation. It is the worst moment in the Sri Lankan economy. Accordingly, steps need to be taken to control this epidemic at this moment and to revive the economy.
{"title":"The Sri Lankan Economy in the Face of COVID-19 Epidemic","authors":"J.G.M. Anuththara","doi":"10.2139/ssrn.3909398","DOIUrl":"https://doi.org/10.2139/ssrn.3909398","url":null,"abstract":"The COVID-19 epidemic, which began in December 2019 in Wuhan, Hubei Province, China, has now engulfed the health and economic sectors of the entire world. The epidemic has been affecting the economy and lives of the people of Sri Lanka since April 9, 2019 and the epidemic had a major impact on GDP, unemployment, foreign investment, tourism and the stock market also. The Sri Lankan economy has shrunk due to the COVID-19 impact, which is seen as a record economic contraction. Increased spending and low revenues in the face of the epidemic led to a deterioration in the fiscal position. Poverty also increased significantly due to the loss of jobs and earnings. The stock market in March 2020 recorded a historic decline, reflecting the country's financial situation. It is the worst moment in the Sri Lankan economy. Accordingly, steps need to be taken to control this epidemic at this moment and to revive the economy.","PeriodicalId":20373,"journal":{"name":"Political Economy - Development: Health eJournal","volume":"14 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-08-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86214631","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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