This documentary us about Bangladesh economic crisis and comparison with Sri lanka Economy .
Sri Lanka is only country in South Asia that got the title of Upper middle class. There was a time when Sri Lanka was considered a role model for economic and social development in Asia. From 2003 to 2012, their GDP growth was 6.4%. That country is going through a terrible economic crisis in just a few years. The country has become a debtor because of not being able to pay installments of foreign loans.
Sri Lanka, plagued by economic problems, has already defaulted on its foreign debt of $51 billion. Sri Lanka is currently facing its biggest financial crisis in 70 years.
On the other hand, Bangladesh was far behind Sri Lanka at one time. In 2004, Bangladesh's GDP growth was 4.5% while Sri Lanka's was 6+. Bangladesh is currently the 38th largest economy in the world. In 2019, Bangladesh's GDP growth was 8.3.
In 2020/21, while most of the world's GDP was negative due to Covid-19, Bangladesh's GDP grew by around 4%.
After Sri Lanka became independent in 1948, Pura Prithibi began to see potential in the island. The reason was their geographical location.
Cities like Dubai, Sigapur, Hong Kong, Shanghai have developed so much because these cities were strategically important for trade. Sri Lanka is strategically important in the Indian Ocean because Sri Lanka can act as an east and west ar connector in the sea.
But due to the civil war in 1983, their development was greatly delayed. Meanwhile, with the end of the war, Sri Lanka's economy began to change rapidly. In 2009...GDP was 3.5 then the year after jud ended their economy got 8% briddi. Next year 9% ... Sri Lankan economy continues to go like a bullet. At this time, from improving their infrastructure, especially Colombo is trying to separate itself from its host country.
Mega projects like Central express way, billion dollar port city like Dubai, expensive hambantata international port are started.
In 2019, their GDP per capita rose to $14127 while Bangladesh's was 6613 or India's was 7333. loney planet best destination for visiting leisure and island gives everything.
On the other hand, the Jugan Mastli of this mega poplop was coming mainly from international loan specially from Chinese loan. The Sri Lankan economy was mainly tourist and partly agricultural. Which is the non-tradeable sector. The world bank has been warning for a long time, their economy is unstable and inequitable.
Finally, the World Bank's warning came true, the Sri Lankan economy came to a standstill in 2020. Economic growth stopped. Everything stopped in Lakdgaon…. But paymenys and interest of the loan. Income stops but expansion continues. To cope with the situation, the government prints money, as a result Sri Lankan rupee value decreases.
Bangladesh 1 taka becomes Sri Lanka 4 taka 15 paisa. The prices of goods and necessities have skyrocketed. Infloyation hits 64%. As a result, foreign reserves fell below 1 billion dollars. Sri Lanka is going through its worst financial crisis in 70 years.
Finally unable to pay loan repayments, export bills, Sarkar declares Sri Lanka bankrupt.
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