SL State ranked weakest among emerging economies in South Asia, 61st out of 66 globally

[TamilNet, Monday, 04 May 2020, 22:08 GMT]
The Economist has listed “Sri Lanka” the 61st weakest state out of 66 developing economies of the world in a global ranking that used four indicators of financial strength. Bangladesh was ranked 9th and India 18th among the 33 strongest countries. Pakistan was ranked 43rd. Sri Lanka was 61st on the list, right between Tunisia and Angola, five above Venezuela, which was ranked as the weakest with most financial peril. The Economist released the details on countries facing debt distress in its May 2nd edition. “About 30 are in distress or flirting with it. The alphabet of alarm runs from Angola to Zambia,” the report said.

“Covid-19 hurts emerging economies in at least three ways: by locking down their populations, damaging their export earnings and deterring foreign capital,” the report said adding that most of the countries that score badly across the four indicators tend to be small.

In the meantime, SL President Gotabaya Rajapaksa, addressing the Online Summit of the Cold War-era Non-Aligned Movement (NAM) on Monday urged the international financial institutions and donors to “provide debt relief and greater financial assistance to vulnerable countries.”

Earlier, on April 30th, Gotabaya’s secretary P.B. Jayasundera was blaming the previous regime for the distress in a reply sent to former Finance Minister Mangala Samaraweera. The foreign loans were defaulted “even after selling off national assets like the Hambantota Port and not accommodating the depositors with any relief when financial institutions such as ETI collapsed,” he wrote.

COVID-19 and financial peril of developing countries
“Which emerging markets are in most financial peril? Most of the countries that score badly across our indicators tend to be small” [Courtesy: twitter.com/TheEconomist/status/1256190403168088064]


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External Links:
Business News: Gotabaya Rajapaksa's speech at NAM online summit
The Economist: Which emerging markets are in most financial peril?

 

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