Can a sinking market re-emerge?

By October 2022 (Magazine)

Joseph Mariathasan

Travelling around Sri Lanka in mid-July reminded me of Winston Churchill’s saying that “democracy is the worst form of government – except for all the others that have been tried”. Many in Sri Lanka would argue that the post-independence history of the country may have proved him wrong. This year, political upheavals after popular demonstrations caused the administration of President Gotabaya Rajapaksa and his elder brother, Prime Minster Mahinda Rajapaksa, to collapse after the Rajapaksas’ deep corruption and deeper ineptitude over two decades brought economic ruin as the country ran out of foreign exchange to pay for fuel imports.

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