Economic challenges faced by Sri Lanka, and growth of Unemployment
Sri Lanka has faced several economic challenges in recent years. Some of the key challenges include High Public Debt , public debt has been a major concern. The country has struggled with a high debt-to-GDP ratio, which has limited its ability to invest in infrastructure development and social welfare programs & faced challenges in attracting significant foreign direct investment. This has limited the country’s ability to diversify its economy, create job opportunities, and promote sustainable economic growth.
Sri Lanka has grappled with income inequality, with a significant gap between the rich and the poor. This has led to social disparities and hindered inclusive economic development & has faced a trade imbalance, with imports exceeding exports. This has put pressure on the country’s foreign exchange reserves and balance of payments.
Unemployment and Underemployment Sri Lanka has struggled with high levels of unemployment and underemployment, particularly among the youth. The lack of job opportunities has hindered economic growth and social.Unemployment is a significant issue that affects both the economy and the population. The unemployment rate in Sri Lanka has been fluctuating over the years. It is influenced by various factors such as economic growth, education levels, and labor market conditions. The government of Sri Lanka has been implementing various strategies and policies to address the issue of unemployment and promote job creation. However, more efforts are needed to reduce unemployment and create sustainable employment opportunities for the people of Sri Lanka.
