Download This PaperImpact of COVID-19 on Economic Sustainability in Sri lanka
7 Pages Posted: 1 Sep 2021
Date Written: August 29, 2021
Abstract
COVID-19 is a series pandemic disease in globally today, this disease spread through the virus, which is called as coronavirus. The new coronavirus identified from Wuhan in china on December 2019, then after this virus has begun to widespread across the countries in all over the world, and also all countries have been seriously affected by this coronavirus in the world. The all countries have taken to many precaution methods for protect human lives from this coronavirus. But the situation is highly serious now so the all countries have been using vaccinations for control the widespread of the virus even Sri Lanka. This Research analysing the impact of COVID-19 in sri lanka Economy and thorough this examine analysing key impacts of sri lanka economy. This research is based on secondary data such as Published research study papers (Ravindra Desepriya – uva wellasa university, H.F. Rusniya & A.A.M. Nufile – SEUSL and Unicef policy breif. This secondary data will be supported to interpreted the impact of Sri lanka economy in Covid 19 pandemic situation. Further this research study expect to discussed our key areas such as Agriculture, Apparel, Small and medium scale enterprise, tourism, House hold income. The total export revenue of tea was USD 347.3 MN in 2019 and it was reduced by 270.1 USD MN in January to March in 2020.Earnings from some of other agricultural sectors such as fruits and vegetable products (15.9 USD mn), coconut production (136. 9 USD MN) have significantly decreased in March2020 compared to March 2019.In 2019 from January to June, earning from tourism was 1,901USD whereas it was the least amount of 956(from January to June)in 2020. This was due to the restriction imposed in the airport ways and cancellation of visas. The sales of more than 80% of the small medium enterprises declined due to delayed or cancelled orders by domestic and foreign buyers.COVID-19 pandemic has created many negative effects on key income earning sectors. (H.F. Rusniya & A.A.M. Nufile – SEUSL) The COVID‑19 pandemic has seen severely affected the local economy, with a significant negative impact on the most vulnerable households. The reduction in economic activities has caused widespread loss of income and livelihoods, sharply reducing the households’ purchasing power and limiting their ability to buy foods. To overcome this situation provide low interst rate working capital loans for Small medium enterprises, Wholesaler, Retailers, support for eco-tourism and create online plat forms for business activities. These are support to rebuild the Economy
Keywords: COVID-19, Economic Impacts, Sri Lanka, Export Earnings, Tourist Arrivals, Poverty
JEL Classification: E2, E5, E6, G2
Suggested Citation: Suggested Citation