Narrow nationalistic agendas act as a stranglehold on Sri Lanka’s ability to fully engage with the global economy. Of particular issue are Trade Agreements signed with various countries which are constantly attacked as being detrimental to the country.
• Swift measures enacted by the government in the second quarter helped contain the first wave of COVID-19 successfully, but these measures hit sectors like tourism, construction, and transport especially hard, while collapsing global demand impacted the textile industry. Job and earning losses disrupted private consumption and uncertainty impeded investment. As a result, the economy contracted by 16.4 percent

 

• Due to the economic contraction and the elevated fiscal deficit amid COVID-19, public and publicly guaranteed debt is estimated to have increased to 109.7 percent of GDP

 

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