Even according to the Central Bank, the national inflation rate has gone up from 3.7 percent in January 2021 to 7.6 percent in October 2021.
What affects the people in general and their living conditions at present is the thumping inflation in essential commodities. In economic policy, the government has zigzagged between ‘state-control’ and ‘free-market,’ and the economy and the people have suffered as a result. The slogan touted was ‘Prosperity and Splendor.’ Prosperity has been acquired by the deal makers and fraudsters no splendor to the country or the people. At the presidential elections in November 2019, 6.9 million people voted with much hope, but all these are now shattered. If one draws a balance sheet, a credit can be given to Covid-19 vaccinations, but almost all others are utter failures. Even foreign debt have aggravated under the present administration. While some are long standing, like the foreign reserves/debt, most of the others are absolutely recent, and are the results of unequivocal incompetence and bad management. Sri Lanka is already in a serious crisis in people’s living conditions, in the economy, foreign reserves, political system, government’s legitimacy, public administration, foreign relations, and government’s day to day decision making processes. This is not a prediction, but the reality.
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