Sri Lanka is in a death spiral – Economist
Posted on May 21st, 2022
The Sri Lankan economy is in a death spiral”, says world-renowned economist Steve H. Hanke, a professor of applied economics, at Johns Hopkins University in Baltimore.
He said in a Twitter message that this was the first time Sri Lanka had defaulted on a debt.
Hanke pointed out that since 1 January 2022, the Sri Lankan rupee has depreciated by approximately 50% against the US dollar.
He stressed that the Central Bank should be abolished and a Currency Board must be installed to save the Sri Lankan economy from this death spiral.
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