Economic crises are commonplace across South Asia, but because it is one of the world’s least integrated regions, economic difficulties have usually been confined to specific countries.
Not this time. A combination of events over recent years has provided a perfect storm which is expected to trigger an unprecedented region-wide, if not global, crisis with unpredictable outcomes.
Ranil Wickremesinghe’s appointment as Sri Lanka’s prime minister may or may not stifle the political rage that broke out across the country, but it will not, in the immediate term, resolve the economic crisis that triggered it. The black-outs and shortages of goods including food and medicine will continue.