Sri Lanka: After the storm, a promising economic recovery

An island nation in the Indian Ocean, since 2019, Sri Lanka has been experiencing the most severe economic crisis in its post-independence history. The country was for a long time held up as an example of success in South Asia, but has suffered from a succession of shocks, coupled with a chaotic management of the economy by the ruling Rajapaksa clan, which has undermined the fundamentals of its development model. In the spring of 2022, and for the first time in its history, it ended up announcing that it was defaulting on its external public debt.