The Impact of COVID-19 on Sri Lankan Economy

Abstract

COVID–19 is the most serious shock in recent history, ironically unprecedented caused to country’s economy. The well-known way to control its spread is continues Sanitation with wearing face masks, washing hands, social distancing, isolating patients, and quarantining those who have been exposed to the virus. It is unpredictable and various Short and middle term, direct or indirect economic shocks were identified and it will significantly cause on health, education, business, investment, tourism, national security sectors in island. This desk study will express the impacts of COVID–19 on GDP, Labor market, poverty and Social and welfare activities. According to the information of Central bank, the economic failure caused by the new corona virus pandemic will last until the end of 2022. Therefore, it is estimated that the world economy will not recover by 2023 early. Similarly, it can expect some economic growth after 2023 in Sri Lanka. However, Sri Lanka cannot be escaped the upcoming economic issues as a middle-income country. Thus, it is highlighted the importance of researching and policy making to develop proper measures for minimize the future economic shocks of the country.