After the plight of Sri Lanka, alarm bells rang in many countries of the world. Economic Crisis in World

Publish Date: 19 Jul, 2022 |
 

On hearing the name of Sri Lanka, people are seen performing on the streets in front of their eyes. A crowd of people is seen in Rashtrapati Bhavan and the President of Sri Lanka is seen who was forced to leave his country and run away. Sri Lanka is going through an economic crisis. The foreign exchange reserves in Sri Lanka are depleted. It has declared itself a defaulter due to non-payment of foreign debt. 

Due to this, a situation of political instability arose in the country and the people of Sri Lanka started protesting on the streets. This economic and political plight of Sri Lanka has caused uneasiness in many countries of the world. These countries are shocked. In such a situation, the question arises what is the concern of these countries. Why has the concern of these countries increased after the economic plight of Sri Lanka, once one of the happy and prosperous countries of Asia.

Other defaulted countries

Sri Lanka, Lebanon, Russia, Suriname and Zambia have already defaulted, Belarus is on the verge of default. At least a dozen countries are in the danger zone. Here rising borrowings and inflation are making people sleepless.

According to analysts, these countries have a debt of more than $ 400 billion. Argentina has the largest debt of over $150 billion. At the same time, Ecuador has a debt of $ 40 billion and Egypt $ 45 billion. Economists fear that many more countries may default. Let us know about such countries which are facing the danger of becoming pauper.

Sri Lanka crisis deepens

The crisis in Sri Lanka is very deep. This debt-laden country is in such a crisis that it is unable to even pay for food, fuel and medicines. Sri Lanka is completely dependent on India, China and the International Monetary Fund (IMF) for help. Wickremesinghe, who took over as PM in May, had said that the country's economy is about to come to the floor. 

Wickremesinghe's statement came, in front of the people of the country, even two times of bread was felt. People had to stand in line for hours for fuel and cooking gas. On seeing the government, there was a liability of 51 billion dollars. She was also helpless to pay the interest on the loan.

 

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