Lessons from Sri Lanka
The economic situation in Sri Lanka is so dire that millions of people have taken to the streets, forcing the president to flee the country. For other economically struggling, heavily indebted developing countries, the moral of the story is that moderate pain now is better than severe pain later.
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WASHINGTON, DC – A tragedy is unfolding in Sri Lanka. Citizens must queue for food and pharmaceuticals, vehicle owners cannot fill their tanks, and there have been rolling power outages. The economy is paralyzed, and because the country’s debts are already unsustainable, it cannot borrow. The country is suffering the world’s worst economic crisis since World War II.