How has Sri Lanka Been Going?

[@EconomicsExplained]

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[@stacymclean7286]

Please do a video on the real sinister nature of IMF and its role in impoverishing countries.

[@maosengheng523]

Hey there, I know it's so random but can you do a video on Cambodia? I mean, Cambodia is growing rapidly but relies heavily on FDI (espicially from china) and export (to the us) With trump in the office now, what's going to happened to Cambodia? (In your opinion)

[@user-io7sh7nx7c]

Sri Lanka needs a more diverse economy other than tourism and agriculture because one year of drought or pandemic can have a major impact on these industries.

[@MrDUCKMAN5555]

its pretty hard to be more diverse when you got the two power house of service and manufacturing right next door.

[@krirthikdinesh7755]

​@MrDUCKMAN5555 As a Sri Lankan, I concur when 2 big fish are near u have to what u are best at even if it leaves u open to danger, I mean it's called comparative advantage for a reason😅

[@krirthikdinesh7755]

Read my other comment pls to lazy to repeat

[@Homer-OJ-Simpson]

@@MrDUCKMAN5555Vietnam is now a powerhouse in manufacturing so I don’t know what you are talking about.

[@Homer-OJ-Simpson]

@@krirthikdinesh7755yet Vietnam is doing great. Thailand is doing very well. Sri Lanka has a smaller population so it doesn’t need that many manufacturing or service jobs to be a big gain to the economy

[@1234abcdwxyz]

Sri Lankan here. Things certainly have changed for the better. True people are leaving in droves and government is stuck unable to issue passports due to the demand. But things are getting back to normal really fast.

[@AwesomeHairo]

I knew a Sri Lankan would comment lol.

[@grimgoreironhide9985]

Is it because there now less people in Sri Lanka competing for jobs, housing, food and other resources?

[@RahalRathnayake]

love it or hate it it was all due to Ranil's savvy leadership. He's the person who brought +65% inflation to a deflation

[@Demmrir]

Bear in mind, this may just be you or your area, or is that based on broad economic studies? From my perspective, America's economy has been doing great for the last two years. I and all my friends and coworkers are in a better place financially than ten years ago.

[@RahalRathnayake]

love it or hate it it was all due to Ranil's savvy leadership. He's the person who brought +65% inflation to a deflation

[@hilaryhongkong]

I just went to Sri Lanka last month. It seemed quite normal.

[@skepticalmagos_101]

Its at 80% post crisis recovery... thats why.. shits okay but not great.

[@ej4458]

We just acted normal since we were told you were coming

[@user-jt3dw6vv4x]

@@ej4458 Are you from Sri Lanka?

[@maheshsiriwardhana5626]

Of course here in Sri Lanka, we feel the issues we are facing are getting declined

[@PianowithSasinduGoyum]

Yeah because Communists took the democratic control of our nation democratically..

[@bennett8535]

20-year resident of Sri Lanka here. An interesting analysis, but one thing that you neglect to mention is the astounding top-to-bottom corruption that has been the norm here for the last couple decades (at least). It is so ingrained that it has become normalized and seemingly will never go away. This is one more reason why the average person here has difficulty seeing a bright future in-country. People want change, but they don't see how it's possible. And as far as the IMF... we could have a never-ending debate about whether it's a force for good or evil. Historically, the IMF has never been concerned about the lives of citizens in client countries; it's focus is entirely on banks and big industry. This is why the IMF is often treated with distrust and suspicion by regular people. I've heard that the IMF has been trying to reform itself, but if Sri Lanka is any example, it still has a long way to go before it can be called a friend of the people.

[@aniksamiurrahman6365]

As you said, corruption has been there for a long time. That might amplify the issue, but can't be the main reason. If fact, corruption itself is a symptomp of underlying systematic issues.

[@cjyoung7372]

It's almost as if globalism dose not benefit the regular joe and is catering to the wealthy

[@HansGrob]

A global institution like the IMF must act according to its own rules and on its level. It must not care of the people, unless indirectly, but that would undermine its function. It is the role of international aid organisations like the Red Cross to help directly, if at all.

[@wakilahmedb20344]

Not just Sri Lanka, it is a problem for MAJORITY of South Asian countries like Pakistan, Bangladesh, India and Nepal as well as Sri Lanka. These 5 countries have one of the highest percentage of outward migration in the world. In fact India and Pakistan tops the list of most number of migrants leaving their country per year. As a Bangladeshi I have seen how brazenly normalised corruption is on all levels and you cannot have anything done from government without references and money. Its is quite shitty and became shittier under the 16 year dictatorship of former PM Hasina.

[@aniksamiurrahman6365]

@@wakilahmedb20344 And it's going to be more s**tty now, under the Islamist gaddars. Soon Sri Lanka will look better than Bangladesh. Why? Cos, in their 80+ years of history, whatever those Munafiqs touched, turned to ashes. India, Pakistan, Egypt, now it's coming for Bangladesh, and u idiots r cheering exactly like those Idiot Arabs in Arab Spring.

[@XMehrooz]

Love from Bangladesh to Sri Lanka! You were the ones who inspired us the most during our 2024 revolution! Thank you! 🇧🇩 ❤🇱🇰

[@Im_Z_4747]

How's the economy now ?

[@MahirSiraj-li8cg]

@@Im_Z_4747 same as before but unlike last time this new govt sometimes say sorry and tho they hiked VATs

[@notpro3995]

@@MahirSiraj-li8cg yeah, Its just the begining.

[@boredparticle0444]

🤣🤣🤣🤣

[@Rikitikitawi-x3l]

And now begging for rice from India, refusing to pay electricity bills to an Indian company, and even more attempts at crossing over illegally in to India. Once a beggar, always a beggar!

[@shanepereraedu]

0:54 This bike rickshaw part is not even a footage of Sri Lanka. Its india 😂

[@Vdamlir_Pitun]

It's rajasthan 😂

[@jsthereforfun1648]

India provided 4 billion dollar loan to help in this crisis

[@TahaAlZadjali]

​​@@jsthereforfun1648Superiority complex , his comment was so simple.

[@Roadkil8999]

@@jsthereforfun1648So what does it have to do with the footage?

[@jsthereforfun1648]

@@Roadkil8999 the fact that this is not mentioned and this loan amount isn't counted by sri Lanka in debt restructuring

[@jesseinfinite]

"As an international body the last thing that they want is a governing body thinking that they can be reckless with their spending and fall back on the IMF if things go awry" LOL what? Have ya'll heard of Pakistan who are currently on their 23rd IMF bailout? Since 1958? They're basically had a financial crisis every 3 years on average since the beginning of their existence. If that isn't recurring balance of payment issues, idk what is. This isn't a dunk on Pakistan, it's rather a debunking of the notion that IMF has had measures in place that tries to ensure that countries receiving bailouts don't end up in the same situation again.

[@moah2012]

If you knew how corrupt the military owned enterprises and the insane corruption of the military economy Pakistan had, you would realize that it is Pakistan's fault, and not the IMF. There are countries that have taken far fewer IMF loans. Pakistan, Egypt, Ghana, Argentina, are one of the biggest IMF dependers because they can't get their act together (I'm Ghanaian).

[@johnl.7754]

And then those citizens receiving the loans keep bad mouthing the IMF

[@Haliya.]

Well, he did not claim that the IMF is successful on that 😂😂😂

[@segiraldovi]

@@moah2012 I would say that Argentina is leaving that group because its current government is very competent. Egypt is too big to collapse, a crisis in Egypt would be an abysmal humanitarian catastrophe and nobody wants to deal with its refugees and with instability in Suez. Pakistan is an interesting case because I can see it collapsing but I think that both China and the US have an interest in minimally countering India and having a buffer with Afganistan.

[@DoctorOfCulture]

No? Pakistan is just notoriously horrible at their job.

[@SCP_X1]

US can print notes out of thin air Portugal can borrow at low interest rate thanks to Euro. Not every country has the same luxury.

[@jsthereforfun1648]

Yeah exactly

[@lewis123417]

Ultimately it's not a crisis in need of a recovery if people aren't suffering. This is just simple reality. Argentina today and Britain by the end of the 70s are perfect examples of this. You can't mismanage your economy for decades and then expect to recover with an easy life

[@KokoHekmatyarr]

The rich aren't suffering. They never suffer. Why is it that they never have to suffer? They're often the ones to cause the mess as well, and get away with it unscathed.

[@johnl.7754]

And the dates used in comparison to now is when the country had debt fueled economic growth

[@segiraldovi]

@@KokoHekmatyarr The rich don't cause these problems, it's populist politicians who do (they tend to be rich but above all they are politicians). Have a large fiscal deficit + restrictive economic measures + dependence on volatile sectors and you end up like this.

[@KokoHekmatyarr]

@ 'The rich don't cause these problems' - the biggest economic crisis in the 21st century, the GFC, was literally caused by the rich. Iceland even owned that fact, and punished several of them for it. The only country to really do so.

[@KokoHekmatyarr]

@ 'The rich don't cause these problems' - the biggest economic crisis in the 21st century, the GFC, was literally

[@EhteshamShahzad]

Comparing Sri Lanka with USA or Portugal is unfair. The US's internal and external debt is denominated in USD, a currency they control. If the US wants, they can print their way out of debt, the ramifications will be inflation, but that is a separate topic. Siri Lanka's external debts is denominated in USD and/or Chinese Yuan, curriencies they do not control. For them to pay off this debt they have to collect USD from either IMF (or any other loan providing org) or exports. Portugal also had external debt in USD (and/or Euros). And they offered incentives for businesses to open shop and gave out investor visas. The thing is, Portugal is part of the EU, and people want to move to the EU. Almost no one wants to move to the Indian subcontinent. And if wealthy people don't want to move into this region, businesses like BMW and Mercedies are not interested in opening shop, as they don't have wealthy customers to sell cars to. The average local population doesn't have the buying power to buy these luxury cars.

[@thomasa5619]

Buying german cars means euros flow out of Sri Lanka. You don’t want that anyway. You want to be selling things instead

[@chaosfenix]

Lol it is funny how similar our thoughts are on this. The economies are just too different to compare and it matters what the debt is in.The US having it's debt in dollars basically means that it has a lot more control over its debt and the people who own its debt are frequently its own citizens anyway.

[@wathsarawanniarachchi7517]

Lol USA can't just print their way out of debt this shows how little you know about finance

[@chaosfenix]

@@wathsarawanniarachchi7517 Yes they technically could it is just that it would basically destroy the economy to do so. So they could get rid of the debt but at what cost? Inflation would go through the roof if they were to do that. Confidence in the US economy would plummet and the dollar would definitely no no longer be an international currency. An example of this would be Venezuela in 2018 when its inflation rate was 130,000% and since 2016 the cumulative inflation rate is about 54M%. The Current US debt would effectively be nothing at that point but again the economy and the US position in the globe would be shattered in many ways. Think about the few trillion that the US spent on stimulus and the inflation that followed and then multiply it by 10. That is the scale we are talking here.

[@goiterlanternbase]

@@thomasa5619Everyone wants to sell things, but if everyone has an export plus, who is gonna pay the bill😉

[@ThePhiphler]

Sounds like Sri Lanka was a developing country briefly debt financing a higher standard of living than they could afford, and now are instead seen as just another developing country.

[@bernhardjordan9200]

In government when you create debt it means you're getting richer and when you live within your means, that's poverty

[@robertlee6338]

Sri Lanka was never a developing nation! The good times was lived on credit. Much like Bangladesh, India and Pakistan scamming is first nature

[@user-jt3dw6vv4x]

They were an upper middle income nation that was demoted to lower middle income nation after the crisis as the GDP shrank.

[@ThePhiphler]

@@user-jt3dw6vv4x Seems like they never really were an upper middle income nation, given that it was all debt financed spending, huh?

[@user-jt3dw6vv4x]

@@ThePhiphler You speak as if no country owes debt. Take a look at the US and see how much debt they owe.

[@abhishek_gupta1990]

Greece is another example where Greeks still face the impact of austerity and I was shocked to know the wages there! I live in India and earn way more

[@princeofheaven19]

We in India leaving the poor earn more than Czech Rep. They were suprised by my Indian salary in Prague

[@abhishek_gupta1990]

@ Yeah salaries in Czech and Poland are also not as high as one would think! Even Germany and Spain tbh do not have many earning above 50k euros per month!

[@pastormartinsempai6371]

India sooper pooper 💪💪💪💪💪

[@Afrologist]

@@abhishek_gupta1990Realized this in Croatia as well, although I can make time & a half when I cover shifts, my base isn't over $20/hr, yet I felt upper-middle class in the Balkans. Makes me want to move back to Europe if my channel ever takes off.

[@palashdubey8827]

How much does 1000 eur per month in greece compared to India, I am asking in ppp

[@romeromarquezmateo7724]

As it happened in Argentina, it will hurt in the short term, especially in a poorer country, but things will eventually improve because government surplus will increase confidence and money could start coming back if other reforms are made

[@bernhardjordan9200]

Where do you get you news ? The argentinian poverty rate fell from 50%+ to 38% in October the most recent stats and it's shrinking. Care to explain how this is people suffering?

[@romeromarquezmateo7724]

@@bernhardjordan9200 I'm un favor of Milei's economic plan, I like politicians who have a bit of respect for their own words and the truth is that in the first months, things "worsened" (and Milei clearly said that to his people, also the problems were sustained with a fragile tape) and then they started improving, but yeah, people suffered, now the reality is different and I'm glad to be morally supporting maybe one of the 21st centuries greatest comebacks. You're totally right

[@himaya0]

@@bernhardjordan9200 the costs of everything is high, like electricity for example/ These are because gov is cutting back on spending. Poverty rate will also gradually decrease in SL if they keep measures.

[@Vmac1394]

@@bernhardjordan9200 Milei himself said things would be painful at first before they got better when he was inaugurated in late 2023 and he was right. Now things are getting better. It's like ripping off a band-aid, things are definitely going to get better, but it's going to sting for a while.

[@BenBe]

@@bernhardjordan9200How did the poverty rate get so high that 38% looks good? That’s probably the period being referred to here.

[@NedJeffery]

"How does a country get better while it's people are worse off" I think we can all relate to this.

[@davidrossa4125]

It’s called Bidenomics.

[@ayushkumar-bg1xf]

USA is best example of that

[@rishisaini5269]

Oligarchy ?

[@gihan.u2001]

I'm Sri Lankan, and the economy is recovering , it's been a hard two years for poor people.. the country will return to pre-crisis levels by this year (2025)

[@m.hughmungus121]

EVERYONE'S poor in that 3rd world state, my boy

[@Ignore_e-stupid_people]

True​ @@m.hughmungus121. But comparing 1st world countries with all post colonial countries are not fair, at least not yet

[@chinesesparrows]

Cue an quasi-outbreak from CN

[@isurudeshan4401]

@@m.hughmungus121 First world was poor after WW1. Things change my boy......

[@itzmontupatel]

I hope it gets better 🤞, But it proves money isn't free (until unless you are USA) and you shouldn't spend it like it isn't yours

[@vinayunnikrishnan7354]

🇮🇳 Indian here. Sri Lanka is a beautiful country. I’ve been there to Colombo, Sigiriya, Unawatuna etc and the place, people and food are all just lovely. A must visit place. A fan of this channel but again another instance of the internet where the good side of India is never talked about enough. Only the bad sides, the filthy, the dirty etc are shown. Not a word about how India played a key role in helping our Lankan brothers and sisters out through lending and IMF facilitation, being a guarantor etc to the tune of billions. We’re kind of used to it now of course to see this one sidedness on the internet. Regardless, much love to Sri Lanka 🇱🇰 ❤ and may they always prosper and thrive.

[@jsthereforfun1648]

Yeah exactly we gave sri Lanka to get out of this crisis

[@Chata-x2i]

They hate you

[@rgb_82]

@@Chata-x2i That's not true, Sri Lankans are generally paranoid and apprehensive of India, China and America equally. But most don't hate people of those countries.

[@jsthereforfun1648]

@@Chata-x2i who ?

[@VTh-f5x]

​@@Chata-x2i cry more.

[@merc7paul]

Going to visit next month🥳

[@Himá_93]

🇱🇰❤️✈️✌️

[@කාවින්දවිජේසිංහ]

You are welcome!

[@merc7paul]

@@කාවින්දවිජේසිංහ more like welcome back lol I used to live there 😁

[@කාවින්දවිජේසිංහ]

@@merc7paul Where you from bro.

[@merc7paul]

@කාවින්දවිජේසිංහ Canada

[@schnakenburg1993]

Very well made and informative. Thanks for sharing the data.

[@SathyaswamyS]

Hope Sri Lanka becomes the 1st developed country in South Asia.

[@pluto8404]

singapore is the 1st.

[@thejanratnayake4885]

​@@pluto8404its in south east asia

[@pluto8404]

@thejanratnayake4885 then what is in south asia? Literally just india and sri lanka?

[@muazunais2378]

​@@pluto8404maldives

[@Anthophyta]

​@@pluto8404bangladesh nepal bhutan pakistan afghanistan

[@prasheen3656]

As a Sri Lankan, I am proud about the current situation in our country. We are back to normal with the help of IMF.

[@WilliamNeacy]

It kinda seems like when people are grouped as a nation, with a plan, progress can be made. When the burdens aren't shared equally, is when it goes off the rails. The next video I want to see is a solution to the problem that benefits everyone.

[@shifanmuyeen1715]

The issue is, a recovering country will need to have to take tough decisions. Decisions some Sri Lankans can't afford, so they're forced to migrate for work so that they can provide better living conditions for their family. The country is recovering (at a slow rate)and hopefully all who miss home will return. I'm fortunate enough to somehow make a living in my own home country here in Sri Lanka and I hope it will be the case for all my Sri Lankans.

[@randikagunaratne1465]

One of the biggest weaknesses of this video is the lack of awareness of how there are different time horizons for solutions. For example, if a country runs out of foreign reserves to buy fuel, gas needed to run day to day operations, the short to medium term solution cannot be to increase exports since that would require years if not decades of work. Austerity measures on the other hand give a far quicker short to medium term solution by allowing the country to access emergency foreign funds from organisations such as the IMF and World Bank so the country's citizens can survive in the short term albeit with difficulty to fight another day. If boosting exports was the only plan without austerity measures, the country will completely collapse in the short-medium term before any kind of meaningful advances are made in the export sector in the long term.

[@baranix3384]

I literally just pushed a fix regarding our Sri Lanka data that took 2 weeks and I get this on my front page.

[@prashanthb6521]

The algorithm Gods know you more than you know yourself.

[@gk9257]

Most important 2 rules are: 1. Don't trust China 2. Don't forget rule number 1

[@huntermad5668]

What does China have anything to do here? The Chinese debt is way below other big ones like Japan. It was Sri laka gov decided what to do with the money. Also, the Gov decisions had way more impact than some Chinese debt. If China actually did something then India would surely make a fuss but nothing happened until the Collapse. The Initiative was really successful around the world BTW. So much that EU had to create a similar program to compete

[@minura1]

3 don't trust India 4 don't forget rule no 3

[@MG-vo7is]

8:40 Thank you for explaining clearly. I enjoy your examples and comparisons.

[@justsauce391]

This reminds me of Greece, the country that im coming from and im living right now. The economy is growing but we, the people, are getting poorer. How is that possible? The salaries are almost the same since 5 years ago and far behind if u compare them to 15 years ago BUT the prices of anything u can think of: groceries , houses, cars, phones, clothes ect. is 2 to 3 times the price!!!

[@pluto8404]

immigration and EU. progressive, aint it?

[@sarangawalimuni4955]

Greece was at least protected by the euro were SLR isnot

[@sopek1427]

Stop being lazy

[@steffenjensen422]

Greece has nothing to do with immigration you NPC. Their crisis was 2008, way before the refugee crisis even started and it was the IMF forcing austerity that collapsed the economy - or course battling the corruption and tax avoiding by rich people somehow wasn't a focus of the IMF

[@steffenjensen422]

​@@sopek1427It makes me so angry when rich people rob a country, assisted be corruption, and somehow common people trying their hardest to stay alive get told to "stop being lazy"

[@tyrport]

The IMF has a terrible track record and should be replaced. Currency stability should be the goal.

[@AlecMuller]

"US bailouts in 2008 had positive effects" The Greenspan Put and its echos have been protecting oligarchs' wealth against market corrections for 4 decades, and each crisis, the bailouts keep getting bigger. What could possibly go wrong?!

[@dexays.]

the thing is, when America is faced with a crisis it comes out far stronger

[@ssrbgangimaribotan6thofthe12]

@@dexays. far stronger in the cost of what? can the average people afford housings and educations nowadays in the US without costing them an arm and a leg?

[@dexays.]

@ yes they can? a country can't exist when most it's population is unable to live

[@ayushkumar-bg1xf]

@@dexays.no they can’t. Come to USA and see it yourself

[@dexays.]

@ How can a country survive if most of it's population can't survive? Americans take too much for granted, Americans are the wealthiest in the world but still expect more lol

[@jsthereforfun1648]

India helped Sri lanka to get out of problem

[@jsthereforfun1648]

India has provided 4 billion dollars loan to help Sri lanka

[@lordvenom4419]

Yes, nobody is giving credit to india for good deed. Even here in Sri Lankan comments not mentioned goods words about india. Such a selfish neighbouring countries are of India.

[@aroshaperera8750]

From Sri Lanka. So this is how the system works The Sri Lankan Government is the gatekeeper to about Rs 2.5 Trillion of annual revenue, most of which is tax revenue. MP’s find innovative ways to redirect this capital in to private pockets. This causes a short fall in Social Spending for Health/Education etc. Which causes deficits in the Budget. Which causes the Government to borrow from Financial Systems at higher and higher interest rates. (Ironically the people that took the capital out of the system, tend to be the same people that lend to the system, creating a positive feedback loop of capital!) Which causes the Government to increase taxes to payback these loans. Which results in a wealth transfer from the citizens who must fund the corruption. Which results in a loss of buying power of the citizens. Which makes them justifiably angry. This system is very beneficial to Oligarchs, Plutocrats, Corrupt Politicians and Financial Systems (who essentially fund the system) in general. As a result Politicians and Economist will make the argument that the issue is, in fact, in government spending and that we need to privatise everything and open everything to market mechanics. Which ironically further benefits the Oligarchs, Plutocrats, Corrupt Politicians, who sweep in with shite deals for the citizenry (Adani Wind power Deal/ Our debt restructuring deal being our most recent debacles). End result is, In Sri Lanka the top one percent of Sri Lankans own 31 percent of the total personal wealth in the country. The next 9 percent own another 30%,while the bottom 50 percent owns less than 4 percent of the overall wealth in the country. Now, people might think that this happens only in shithole countries, but that isn’t true. The US is worse than us with again 60% total wealth owned by the top 10 percent of earners. In comparison, the lowest 50 percent of earners only owned 2.5 percent of the total wealth. Three people own more wealth than the bottom 50% of the country! This is happening worldwide. As oligarchs infiltrate global financial systems to game them, Neo Liberal Economics just adds fuel to the fire. Run though this system over a period of time and you will radicalise the citizenry. That’s how people end up electing Gotabaya, Trump or Boris Johnson. Or Biden and Stammer These guys will redirect the citizenry’s frustration towards false arguments such as government oversight, Immigration and minorities, Social Spending, climate sensitivity, being the problem for economic growth. This is a global phenomenon brought on by the universal application of Neo Lib Capitalism. The way out of it is through a peoples movement. The 1st country to do that was Bangladesh, although they don't have a political party that can back that movement like we have with the NPP. We really have captured lighting in a bottle here.

[@ramadhanisme7]

A very interesting approach and train of thought here

[@xijinpig8982]

Lol Bangladesh is the last country you'd want to follow the footsteps of right now. Sky high food inflation and lawlessness is rampant.

[@varun2250]

You said Bangladesh and then I had to read your comment again. Only time can tell what happens in Bangladesh. The issue in Bangladesh is not solely an economic one, if I talk more about the other major factor my comment won't get posted here!!

[@xijinpig8982]

@@varun2250 I know it too. Im honestly quite surprised OP mentioned following Bangladesh. They had everything going for them economically but not politically. And they just dumped it all away.

[@damien86]

Marxism and Communism has always fallen behind capitalist economies. Sri Lanka needs to embrace capitalism if it wants to be like the west.

[@Edward4Plantagenet]

India saved Shrilanka from balance of payment crisis. True friends found in crisis.

[@user-jt3dw6vv4x]

Shrilanka? What's that?

[@RansaraMayuranga]

China also

[@lakshidissanayake2017]

Correct..

[@xijinpig8982]

@@RansaraMayuranga Really? Cryna refused to even give yall a loan. India straight up gave you aid that doesnt need to be paid back.

[@minura1]

But they want our land😂what a true friend 😂 we are never give our ialands for you😂

[@DanFlorio]

I would love to see you make a video about how a hypothetical country might implement MMT in their economy and which countries you think might have the need/opportunity to do such a thing.

[@NoobTube4148]

I went there December 2023 and December 2024. Between the year I see a massive improvement. They are on the right track but things are still expensive for some people as taxes are high. But the trend is definitely positive.

[@OpenThisGate87]

Amazing landscape scenery there in Sri Lanka. Between that and their English-Language skills they really should be winning at tourism and other service industries.

[@s9ka972]

They are already winning on Tourism. Coming to English speaking ability , India already dominate the IT industry and Philippines the BPO sector. Both India and Philippines have more population than Sri Lanka which made them more beneficial on these sector .

[@BlackHawkTejas]

Having english speaking language population, without the proper planning, policies, it comes to nought! Tourism can only take you that far, unless you are a small island, with relatively small population to enjoy that money, examples are countries like, maldives, the Carribbean etc...

[@surajbalajr.4016]

3:17 this is true, and it works. India went through this in 1991 and that helped in the liberalisation of the economy and the main reason why the nation is where it is right now economically.

[@thatindiandude4602]

The main weakness is now Indias wealth is getting concentrated in the hands of the few.

[@skipper2594]

average indian is twice poor than average sri lankan even now

[@navinthehouse4710]

​@thatindiandude4602 That's every country though. India needs to uplift it's poor while keeping as many highly skilled and wealthy individuals at the same time

[@jsthereforfun1648]

​@@navinthehouse4710India has uplifted the poor and India has exterminated extreme poverty

[@jsthereforfun1648]

India has now helped Sri lanka by giving out 4 billion dollar loan

[@tharukajayasinghe7958]

things are getting back to normal really fast...

[@shaurya7899]

Not only IMF provide assistance to Sri lanka . India also provide a bailout package of 4 billion dollar to Sri lanak

[@Theory-of-Stitches]

Worth to visit 🎉 tried last month 👌

[@TradeWisenet]

Sri Lanka's economic outlook remains a mix of challenges and recovery efforts. Following a severe economic crisis marked by high debt, inflation, and foreign exchange shortages, the country is gradually stabilizing with IMF support and structural reforms. Tourism and exports are rebounding, contributing to foreign exchange reserves. However, fiscal consolidation, reducing public debt, and sustaining growth amid global economic uncertainties remain critical for long-term recovery.

[@ekmalsukarno2302]

Economics Explained, it would mean a lot to me if you made a video on the economy of Malaysia. That way, all your viewers and subscribers will learn about the country's GLCs (government-linked companies), ethnic-based politics, ethnic-based affirmative action policies, and how they all play a major role in Malaysia's economy. Please accept my request.

[@Thedarkknight2244]

What do your people think of Indians. I was on holiday there and saw so many. I’m a British-Indian so found that very curious. I’d say way more Indians in Malaysia than UK, and we’ve had migration since the 60s. And I’m a big boy so you can be as brutally honest as you want

[@amspook]

@@Thedarkknight2244 Malaysian here, everyone is fine here, the Indians just celebrated Pongal(harvest festival) this week and in another 2 weeks it's gonna be Chinese New Year Most of the r*cist(can't type the word, KZbin don't like that) stuffs are mostly on social media, so that kinda skewed people perspective into thinking Malaysia isn't the most tolerant country in the world

[@xijinpig8982]

@@Thedarkknight2244 Malaysian Indians are not recent migrants from India but largely indentured workers during British rule brought over to Malaysia and Singapore from what is now Tamilnadu. Easily 85% of Malaysian Indians are Tamils and most are 3rd generation Malaysian citizens, like those in Fiji, Mauritius and Guyana. Malaysian Indians cant be compared to Indians from India since both are very differently perceived in Malaysia. To most other Malaysians (Malays and Malaysian Chinese), Malaysian Indians are Malaysians and then of Indian ethnic background. Same cannot be said about the more recent immigration from India, Bangladesh and Pakistan.

[@lbell9695]

@@Thedarkknight2244 I'm Indian-Australian who has spent some time in Malaysia and is friends with a couple of Malaysian individuals of Indian descent who live in Australia. In Malaysia from my understanding there is something of an unspoken racial hierarchy. Amongst the 3 original races - unfortunately Indians are treated the worst in Malaysia. It's actually shocking how pervasive the racism is entrenched - not just in face-to-face interactions but systemically. Discrimination in employment, housing, on top of the usual racism. And there is a mindset there to not address this problem which only makes things exacerbate. I heard though amongst the youth (under 20 year olds) it's a lot better though which is great! The Indians there are mainly of Tamil descent (which is reflected in the Indian culture there - Deepavali instead of Diwali for instance) but there are a fair few Punjabis as well. Historically speaking they were forced into indentured labour by the British to replace slavery and whilst they were at least paid, the working conditions and wages were appalling at the time. It's sad that this isn't a commonly known thing because the Indian diaspora who were working in these conditions deserved to be mentioned and remembered.

[@laucheekeong5044]

Agreed. Please do a video on Malaysia with its economic policy.

[@Spectrecontrol]

A few factors you didn't mention have a key role here - corruption, the extremely important role of the diaspora and geopolitics

[@sngemar2664]

I think Srilanka needs diverse their economy They can't rely on tourism only And We want a Stable Srilanka Love from India 🇮🇳❤️🇱🇰

[@stevecatpatrick8056]

"how can a country recover while it's people have worse lives?" Before even watching the video I know the answer, they were living beyond their means. Always leads to a crash in lifestyle when you have to pay it back or just live within your means.

[@noobiumbaconate]

Sounds like home in muricuh

[@64bithuman7]

Back then, we didn't have to worry about popcorn being too expensive at the cinema. Now, prices are sometimes more than 10x what it used to be before 2021. The average doctor here earns about 2,904,490 rupees annually which is about $9794 US. Being a doctor is one of the most respected occupations here in Sri Lanka but they're not being paid enough for their service. Same goes for most other jobs. But the situation in this country is somewhat better than what it was a couple of years ago.

[@fredkelly6953]

The IMF criteria for taking out loans is what kills potential growth in countries requiring a bailout. A 2 or 3 phase plan should be implemented instead of this one size fits all solution.

[@kniazjarema8587]

1:02 Does anybody know what is this place? Looks beatiful.

[@nipunasenaratne6317]

It’s called Sigiriya. It is the remains of a rock fortress from the 5th century. It’s also known for its murals.

[@Mk-bs1tk]

I hiked it a few years back its quite fun.

[@pluto8404]

was once the most advanced civilizations on earth. They did lots of agriculture and hydro works.

[@kniazjarema8587]

@@nipunasenaratne6317 Thank You. The view from the top is amazing.

[@disarp]

Legend has it that Ravana lived in that fort thousands of years ago

[@Car_guy31]

Thank you incogni and all KZbin sponsors for ruining all videos. I'm leaving this video at 1:52.

[@Subhamjaisworld]

Here is a summary of the video "How has Sri Lanka Been Going?" by Economics Explained in bullet points: * Sri Lanka's Economic Crisis: In 2022, Sri Lanka faced a severe economic crisis due to shrinking exports and mounting foreign debt. * IMF Bailout: To address the crisis, Sri Lanka secured a $2.9 billion bailout from the International Monetary Fund (IMF). * Austerity Measures: The IMF bailout came with conditions, including austerity measures like tax increases, removal of subsidies, and government spending cuts. * Economic Recovery: These measures, along with increased tourism and remittances, led to economic recovery. Sri Lanka's currency strengthened, GDP increased, and a primary budget surplus was achieved. * Human Cost of Recovery: Despite the economic recovery, the living conditions of many Sri Lankans worsened. Poverty rates doubled, food insecurity increased, and essential services like healthcare became less accessible. * Impact of Austerity Measures: Austerity measures disproportionately affected the poor, as they had to bear the brunt of tax increases and cuts in social programs. * Alternative Approaches: The video discusses alternative approaches to economic recovery, such as the US response to the 2008 financial crisis and Portugal's approach to attracting foreign investment. * Importance of Exports: The video emphasizes the importance of diversifying Sri Lanka's export market to sustain long-term economic growth. * Political and Geopolitical Factors: The video briefly mentions the political and geopolitical factors that are influencing Sri Lanka's economic recovery. This summary provides a concise overview of the key points discussed in the video.

[@user-jt3dw6vv4x]

Did you just use AI to create this? Who asked for this????

[@Subhamjaisworld]

@user-jt3dw6vv4x its just to get overview of the video or recall after you watched it.

[@Subhamjaisworld]

@user-jt3dw6vv4x giving something positive doesn't require to be asked

[@slcanadiankolla]

Life has been hard in Sri Lanka, but we're a strong bunch. We'll get through this! #ProudSriLankan

[@anub7977]

You didn't cover how India played a huge major part in helping Srilanka get on its feet.

[@anywaytechreview]

why? even china and other countries help with that logic

[@BlackHawkTejas]

​@@anywaytechreviewNope! India played the most important & quick part, ofcourse people will forget the good deeds, when they are out of danger!

[@xijinpig8982]

@@anywaytechreview China didnt help at all. 0

[@anywaytechreview]

@ then by that logic, india didnt help either

[@xijinpig8982]

@@anywaytechreview Tell me what and when did China help during the bankruptcy.

[@jordankremen2845]

I would be curious to hear an elaborated thought process around the differences in the EU backbone support Portugal receives and the fact that the US is the largest economic player in the world and how that changes the equation around austerity versus spending. It would seem that Sri Lanka, with a drastically different set of circumstances, may not have the same tools for recovery at its disposal no? It just feels like the examples are very different.

[@ocadioan]

The comparisons couldn't be further apart. Especially with the 2008 US housing crisis. The US government wasn't in a debt crisis that it needed to sort out first. It had a cyclical financial crisis that it could use its reserves to tide itself over with. That's the issue that always comes up whenever people lambast austerity; where are the money going to come from to not do austerity?

[@lenniesumner]

How about a video explaining whether the IMF / World Bank is doing good for developing countries / the Global South?

[@richardsimms251]

Excellent talk

[@dinuwaradeeghayu4463]

some pictures are not Sri Lankan ones

[@maheshsiriwardhana5626]

Many videos clips aren't from Sri Lanka😊

[@කාවින්දවිජේසිංහ]

Yes phillipines/india

[@michaelmorford3932]

@3:37 Tell that to US Government, please.

[@scaptal]

is there a good reason that sri lanka does not exempt living essentials (so, food water, to keep it simple) from this tax?

[@anlasma7942]

Has there been a case where IMF bailout worked for the benefit of the actual people?

[@BlackHawkTejas]

Yup! 1991 India! But for that to happen, you need competent & strong willed people/leaders, with good policies to follow on. IMF ain't no magic pill, its the opposite, just look at pakistan, a perennial, begger/receiver of IMF love!

[@InfoSoup]

One measure countries facing balance of payment crisis should make is reducing import of luxury and discretionary good, which they avoid till the last moment.

[@johannasilva4544]

Why are there clips that are not even Sri Lanka?

[@zkfnd859]

Not surprising this video came just after SriLanka signed new contract with China

[@lordvenom4419]

Another shark loan or debt trap. here we go way again...!

[@shehanathauda3675]

Some footages in this video are not even from Sri Lanka

[@LordMarcus]

"How can recovery mean the very opposite for the population?" I mean, look around, buddy.

[@jaredkennedy6576]

I like the idea of a tax on consumption rather than production, but there has to be a way to balance it out to make it fairer to lower income groups. What if it was combined with a UBI? Using USD and hypothetical numbers for easy math, let's say the median household income is $100000, and we assess a 10% federal sales tax across the board, with the exception of things like utilities and groceries. Now we do an $800/month UBI payment to each household, offsetting the taxes for those below the mean, with the effective tax rate going from a negative amount at the very bottom to being negligibly offset towards the upper end.

[@Zenas521]

I think Sri Lanka should follow the Hong Kong model, except that part where they get taken over by China. Just ask yourself this question, "What would Sir Seretse Khama do?"

[@jsthereforfun1648]

India wouldn't let china takeover Sri Lanka

[@BaldAndCurious]

Which reminds me... News articles about the US economy being the envy of the world should be put into context.... Are the citizens well off because of the good economy, or is the economy good because big business is just siphoning off from the regular folk?

[@Forgotten_image]

I appreciate not using ai thumbnail

[@MTSP-pe2fn]

AI is here to stay, get used to it everyone is starting to use it

[@mesa9724]

Why would you appreciate inefficiency on an economics channel?

[@Forgotten_image]

AI thumbnails feels pretty dystopion

[@josephling9600]

Make a video about the economic recovery of Malaysia it is another interesting case study

[@dlmac]

I wonder what the US Auto industry would look like today if it was not bailed out.

[@NeauNurns]

We'd only be driving Fords and maybe Teslas.

[@nabo1871]

"How does a country get better while it's people are worse off?" This could be a video about Argentina, but this channel already told another story about the same phenomenon.

[@cenationofjnu]

Why nobody mentioned India who helped Sri Lanka in its worst time?

[@chriswarner5069]

India started doing what was in their national interest and is no longer considered "on the good guy team" haha

[@notfunny3397]

By supplying weapons to terror groups? Thanks a lot, shut up about you and your dumbass country, try to build a real personality or something. As a srilankan, views on China and the US are actually pretty favourable here, with Japan and Iran also somehow well liked. But people love holding grudges here and every time the government considers a loan or more cooperation with India, there is extreme backlash.

[@notfunny3397]

@@cenationofjnu noone likes India here, stop sticking your dirty greasy fingers into other governments, we've all seen how you treat your minorities

[@hiteshadhikari]

Because western youtubers and all will not like to show their audience that India is not what their media portrayed to them Its part of brainwashing and white man superiority complex upkeep

[@KokoHekmatyarr]

The other Context Matters vid does mention that, as it's more focused on the international elements. But also let's not forget that India is also held at bay in SL cos of its ties to their former rebels the LTTE. Which that vid also mentions.

[@nathanngumi8467]

Interesting!

[@DtWolfwood]

Funny the rich never suffer through any economic crisis

[@eee9034]

Why do you think so ?

[@DtWolfwood]

@eee9034 perhaps because you never hear about wealth transfer from them to us through any crisis. Only how they've managed to make more money during those times. 🤷

[@NowFail205]

A more resilient economy for Sri Lanka is possible with diversification. Relying mainly on tourism and agriculture makes the nation vulnerable to external factors like pandemics and droughts that can wreak havoc.

[@BlackHawkTejas]

Problem is they never thought about that from the starting, and now they don't have the money, institutions, people, infra etc... to diversify! Plus they are many competitive players already around the world, where Sri Lanka can compete. The best they can & should do, is focus more on local diversification, but it will be expensive & will not be very large scale. Diversification sounds fancy & easy, but its very difficult, to implement in real life.

[@aroto]

Sri Lanka is lucky India doesn't wanna swallow them like China with Taiwan 🤣

[@hiteshadhikari]

India actually gave sri lanka billions in aid 2nd yeah we dont have expansionist policies else as former american president has said, if it was america, instead of India, there would be no seperate sri lanka

[@t.a6159]

India doesnt have the stomach, but definitely has the tongue for that. There's a reason why none of It's neighbours like her.

[@no1reallycaresabout2]

​@@hiteshadhikariWhich American Pres said that?

[@shehan8013]

India doing soo much bad thing to sri lanka

[@user-jt3dw6vv4x]

Well Taiwan is an island that was colonised by the Chinese nationalists that China claims is part of China. Sri Lanka has no connection to India's politics whatsoever.

[@ManchesterConsultancy-r8n]

Srilankan here, Yes our economy is getting better but people are still very distrustful of our goverment. Hope this helps

[@tomsawyer8102]

5:50 your tax math is wrong

[@rykleyruby1682]

What is wrong with it?

[@mmsiyan]

The recovery has been progressing faster than anticipated, which is encouraging. However, the price hikes driven by inflation remain a challenge, particularly for middle-class and lower-middle-class households. On a positive note, the stabilization of the foreign exchange rate provides some relief and fosters hope for a return to better normalcy in the near future.

[@FROG2000]

The best a government can do to get out of debt is to stop spending money. At no time in world history has the government invested better than a collection of private companies.

[@thesleeplessmn]

Bless..you really didn’t watch the video..

[@FROG2000]

@@thesleeplessmn What do you think he meant when he said that governments not spending money is like a failing business not paying any staff to work? Or did you not watch that part?

[@shakuOnline]

It's starting to get better over here mate. The future is looking good.

[@Badboythatsgenuine]

Nah I'm Sri Lankan and I'm not happy about the raised taxes on everything. Can't even enjoy your Vehicle because of dumb laws

[@ultimatestoryteller]

Sri Lanka is the biggest example of Chinese debt trap, they attempted to develop a region that practically had no scope of anything productive, developed an expensive airport from scratch and ended up in a territory that is now leased to China for 99 years. Shows how mismanaged the economy could be if not well planned.

[@richardleenders8243]

B'S... don't blame china blame the western world...any loan from there Banks are at highest interest rates..the US dollar..roge Leander's from America

[@1234abcdwxyz]

This is bullshit. Most of Sri Lanka's debt were multilateral. Sri Lanka had 2 problems. Current account deficit and the fiscal deficit. Sri Lanka was issuing USD bonds to fund projects that made little to no return and maintaining a huge government cause people need jobs. China was involved in construction projects which was enough for western media to portray as a full blown invasion. They had nothing to do with the economic crisis.

[@sarangawalimuni4955]

If you look closely China has no bearing on SLs default it was the commercial borrowing Chinese debt trap is a western led campaign

[@user-qwertyuiopasdfghj]

china only held 10 percent of external debt of Sri Lanka, after Japan

[@Kaile1789]

Nonsense

[@bigsarge2085]

Interesting.

[@Brancaked]

"Come on, Bryce. There are a lot more important problems than Sri Lanka to worry about."

[@fergusw2778]

Interesting video but some of your stock videos or pictures need to be thought through as they can lead to misinterpretation. The slum picture you have used is actually a south african slum.

[@FullLengthInterstates]

9:15 you can't stimulate your way out of a fundamental lack of resources. super high unemployment rates around the entire developing world proves time and time again that abundance of working age low skilled labor is an extremely mid resource. Countercyclical policy works when the problem is just liquidity. Austerity is needed when the country plain doesnt have the economic fundamentals to sustain its current consumption

[@brannarama]

Is 8:05 actually Sri Lanka?

[@jsthereforfun1648]

Why do you think its not ?

[@brannarama]

@@jsthereforfun1648 because I’ve been to Sri Lanka before and I didn’t realise how bad it’s got since

[@jsthereforfun1648]

@@brannarama okay

[@Dickos12]

No it's a footage of philippines

[@ssachlescrutolf]

Some of the footages aren't sri lanka. Specially That poor people footages

[@hellgorama]

Actually the issue was that Sri Lankans were living beyond their means pre-covid. No other country (even rich ones) gives out fuel and food subsidies and free education. Furthermore a lot of middle class Sri lankans have no interest in working and would rather mooch off others or resort to scams/frauds or other dubious activities. And this attitude is all thanks to a lack of work ethic and coddling from the govt despite its own internal corruption. This is a much needed wake up call to the people. Sometimes pain is necessary for growth.

[@somebodyintheworld5036]

What are you talking about? The US heavily subsidizes corn crops, that cheaper, subsidized corn then gets fed to animals, which means food is cheaper for the end consumer. Some of that corn then gets turned into ethanol, which is added to gasoline which represents your fuel subsidies (not even counting the direct subsidies the US pays to oil companies and indirect support in the form of tax credits and favorable laws). Every country in the world subsidizes their key industries, and governments commonly intervene in those industries to help them out. Energy, food production, and manufacturing/industry, tech, and education especially. Free education... you wanna see how much it costs to get tertiary education in the US? Then compare that to european countries where tax payer dollars are used to subsidize their universities?

[@franug]

well, Argentina was exactly like that, and now that they want to change, they're also suffering, but because Milei told them it was going to be hard from the start, he still remains popular enough

[@jsthereforfun1648]

India has helped Sri Lanka to get out of this crisis too

[@user-jt3dw6vv4x]

@@jsthereforfun1648 Correlation to the comment??? Nowhere to be found

[@Badboythatsgenuine]

You clearly don't know about the hard working rugged people of my country. Want to blame someone? Blame the elitist government and all the corupt leaders making our life harder

[@nerdygermany3538]

How about a video, why every nation has to increase austerity while stock markets keep surging to new hights constantly.

[@HartelLampe]

I'm favoured financially with Bitcoin ETFs approval, Thank you buddy.$28,600 weekly profit regardless of how bad it gets on the economy.

[@Camila-l6m5n]

Same here., I strongly agree that the Bitcoin ETFs approval will be greatly life opportunity for us, with my current portfolio of $102,500 from my investments with my personal financial advisor Jeff Wecker I totally agree with you😊

[@CastroWu]

YES!!! That's exactly his name (Jeff Wecker) so many people have recommended highly about him and am just starting with him from Brisbane Australia...🇦🇺

[@Owen-x3z3e]

Jeff Wecker has really set the standard for others to follow, we love him in Canada🇨🇦as he has been really helpful and changed lots of life's

[@Umaima-p8m]

This sounds so good and i would like to be a party to this, is there any way i can speak with him?

[@Camila-l6m5n]

He's mostly on Telegrams, using the user name.

[@FullLengthInterstates]

Another example is the gold standard/ bitcoin adoption. Nations with strong institutions and truly independent central banks are better off with fiat currency, but the fact is, if there is a combination of weak supply and high corruption like in many developing nations, the only way to avoid hyperinflation is to adopt a currency with hard limits. bitcoin may be volatile but even in a crash it still results in lower inflation than many of the world's worst national currencies.

[@detectiveboink6207]

Hopefully pakistan learns something from Sri Lanka

[@saurabhsrivastv]

nope pakistan should not

[@SathyaswamyS]

Has anyone thought of this? What is the purpose of the existence of Pakistan and Bangladesh apart from burdening the Earth's resources, sending unwanted economic refugees everywhere and causing chaos?

[@kensmith405]

@@SathyaswamyS All three of Pakistan, India and Bangladesh shouldn't exist. The only thing they are good for is Uber Eats

[@FreePalestine-j6q]

The same can be said about India 💀

[@udeshrandikadangalla4002]

I personally believe the main change that happened with the political miracle occurred in Sri Lanka by electing a third party candidate as the President is that people themselves wanted to be free of the historical regiment that was in power for more than 50 years. The parliament election reflected the same sentiment meaning that the Sri Lankan people are beginning to change their way of thinking.

[@masonalex911]

Another video where the question of the title is not answered, man, just give up

[@MM22966]

Your generic actors clips make me laugh.

[@Slayer123-g6v]

INDIA gov also helped the SRILANKA during their Bankruptcy period . INDIA provide 4.4$Bn credit line for SRILANKA to import essential goods fuel,gas and pharmaceuticals Tourism also major forex earning sector fr SRILANKA. INDIANS are most visted tourist arrivals for SRILANKA ✌️

[@suppaalankarayalade6182]

Who created this clip 👀 and footage, not srilanka, its india or Bangladesh , we are not using a rickshaw and poor 😂

[@කාවින්දවිජේසිංහ]

Fr

[@alfonstabz9741]

the long term solution to sri lanka problem is to create more products it can sell and efficient government.

[@m.hughmungus121]

1 in 4 families cant adequately feed their kids...but I'm sure they'll keep popping out mouths to feed

[@LutendoNet]

wrong. Sri Lanka's population growth is -0.7% as of 2023. Sri Lanka is not your average South Asian country despite it's location.

[@thatindiandude4602]

@@LutendoNet you are talking to a brick wall there. Bigoted people refuse to intake any new information.

[@s9ka972]

​@@LutendoNet All South Asian countries except Maldives and India are regular customers of IMF

[@s9ka972]

​@@LutendoNetSri-Lanka Pakistan Bangladesh all basically face same problems