After months of shortages of food, fuel and electricity. Sri Lanka’s prime minister said this morning the country’s debt-laden economy has “collapsed.”
Prime Minister Ranil Wickremesinghe told Sri Lanka’s parliament today that the South Asian country is “facing a far more serious situation beyond the mere shortages of fuel, gas, electricity and food. Our economy has completely collapsed.”
I didn’t see the exact words but I strongly suspect the high price of oil on the world market contributed.
There are other economic stressors out there. The most obvious are wheat and fertilizer from the Ukraine/Russia region. There are countless others. Some are ripple effects from the war. Others are from other areas of the world and less direct such as the chip shortage and inflation.
There will be more collapsed economies in the coming months and perhaps years. The ripples and, perhaps even, tidal waves are just over the horizon.
We live in interesting times. Prepare appropriately.