Economic Crisis Burdens Sri Lanka's Poor as Elites Profit
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When economic growth stalls, the state, corporations, and the people fight over limited resources. Banks and big businesses are profiting during the current crisis.
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The government is meeting IMF targets by increasing revenue collection and cutting expenditures, but this burdens the poor and working classes.
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Import restrictions shrink the current account deficit but confidence in the economy is low as small businesses suffer.
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Utility price hikes and inflation erode incomes and savings of the salaried classes and poor, while the rich face no sacrifices.
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Reforms are needed to safeguard the incomes of the people alongside the state and elites during crisis periods.