In Colombo, Sri Lanka, two years ago, Fathima Shiyama, a food cart worker, faced severe challenges in obtaining cooking gas and other essentials due to economic turmoil. Under President Ranil Wickremesinghe, Sri Lanka’s economy has shown signs of improvement as the nation prepares for a crucial presidential election. Key economic indicators have shown progress, with inflation nearly under control after peaking at 70%.
Ahead of the presidential vote, Sri Lankans, who typically vote based on religious and ethnic affiliations, are prioritizing the state of the economy. Many citizens are grappling with financial difficulties, resorting to borrowing money or leaving the country to manage the increasing cost of living and limited opportunities. Shiyama, for instance, is struggling to cover her expenses and her daughter’s medical bills, resulting in her reliance on loan sharks charging high interest rates for financial assistance.
As Sri Lanka endured economic collapse in 2022, President Gotabaya Rajapaksa fled the country following widespread protests. The upcoming election will feature Wickremesinghe, his successor, against opposition leader Sajith Premadasa and Anura Dissanayake, leader of a rising Marxist-led coalition. Candidates have all pledged to revitalize Sri Lanka’s economy through various measures like developing new industries, boosting agriculture, and creating employment opportunities.
Although the economy has shown some signs of recovery, challenges persist, with rising prices impacting many households. Economic analyst Murtaza Jafferjee emphasized the need for sustainable policies that benefit the entire population, not just the elite. Sri Lanka’s economic woes began before the events of 2022, exacerbated by poor governance and the effects of the pandemic.
Amid these circumstances, businesses like Jagath Dissanayake’s construction firm are facing dire conditions, with skyrocketing material costs leading to project suspensions and layoffs. The construction industry, once a significant contributor to the country’s growth, has seen a decline in its share. Many Sri Lankans have opted to seek job opportunities overseas due to the challenging economic climate.
Despite promises made by candidates, skepticism remains among some citizens due to past unfulfilled political commitments. Analysts stress the importance of the upcoming election for Sri Lanka’s economic recovery, urging the next president to implement consumer-friendly policies and prioritize trade. For individuals like Viraj Maduranga, working abroad has become a necessity to address financial obligations, highlighting the sacrifices many are making in pursuit of better opportunities.
As Sri Lankans await change and economic stability, the upcoming election holds immense significance in determining the country’s path towards recovery and growth.
