The economy of Sri Lanka completely collapsed

Protesters flooded the palace of President Gotabai Rajapaksa in Sri Lanka, forcing him to flee and resign. The entire government of Sri Lanka will be restructured. When people are hungry, no rules or restrictions will stop them from protesting. Sri Lanka has run out of food and fuel to cook whatever comes to hand.

The country’s gold and foreign exchange reserves were depleted. The government began shutting down power grids daily for longer and longer periods. Not enough fuel to power generators. Inflation jumped to 45.3% in May, with food prices up 58%.. The United Nations estimates that 22% of the total population is food insecure and 86% of households “At least one coping mechanism is resorted to, including eating less, eating less nutritious foods, and even skipping meals entirely.”

“Gota Go Gama” (Gamma meaning village) or GGG protests have sprung up all over the country. Labor migration is up 286% this year, according to Sri Lanka’s Overseas Employment Bureau. The government owes $51 billion and cannot make any payments on the loans. Their currency collapsed by 80% and was worth almost nothing. Tourism has ground to a halt since the pandemic, exacerbating the crisis. People hit rock bottom and knew exactly who to blame. President Rajapaksa and his brother, former Prime Minister Mahinda Rajapaksa, are extremely corrupt. They let the problem turn into a crisis; prospered while their people were starving.

The revolutionary wave has just begun. I warned that this would primarily affect developing countries. However, do not think that this incident will be isolated to one country. Unrest grows as the standard of living declines.