COVID-19 Pandemic-Induced Economic in Sri Lanka Eye

Abstract

Over the years, there have been a number of pandemics around the world, and some of them are still occurring today. COVID-19, a corona virus, is currently sweeping the globe, with a large number of variants having already infected a significant number of people a life’s work. As a result of this, the World Health Organization declared a global health emergency. And this review study examines the impact of COVID-19 on GDP, inflation and employment in a comprehensive manner in a Sri Lanka context: economic impact, employment, poverty, tourism, and Small medium enterprises (SMEs). This paper provides a visual representation of the data has found that the pandemic had severe impacts on agriculture, industry, and service sector. Moreover, COVID-19 had a negative impact on the tourism, construction, transportation, hotel, and apparel industries, while increasing the overall unemployment rate. A rise in the unemployment rate was accompanied by an increase in the poverty line as a result of job losses. This review is more specific. There are three main factors that influence the inflation rate in the past also valid and timely proofs. Theoretically, there is inflationary pressure on the economy of Sri Lanka. In addition, Colombo stock due to the COVID-19 outbreak, the exchange in Sri Lanka is financially unstable. For example, that we get in agriculture there was a huge loss. (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 March 2020 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. As a result of these cases, the economy is in a critical state.