Economy Crisis: Sri Lanka-like situation in these five countries, economic collapse, severe economic crisis
By Lokmat English Desk | Published: July 20, 2022 06:32 PM2022-07-20T18:32:32+5:302022-07-20T18:32:32+5:30
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Many economies in the world are currently going through a crisis. The situation in Sri Lanka due to financial crisis has increased everyone's concern. Meanwhile, five countries in the world have faced the same situation as Sri Lanka. The economy in these countries is in crisis and there is a big financial crisis
Pakistan
Our neighboring country Pakistan is number one in this list. India's troubled neighbor Pakistan last week finalized an agreement with the International Monetary Fund to restart its debt program. Sri Lanka.
Nepal
India's another neighbor, Nepal, is also seeing rising prices of essential commodities like food and oil. Foreign exchange from the country has been depleted. Also there would have been an imbalance in the filling. Also the import from Nepal is increasing in a big way.
Ethopia
Ethiopia's economic situation is also deteriorating. Ethiopia wants to pay back the massive debt it owes. Also, there is a challenge to bring the economy to pre-Covid condition. Yadavi has lost billions of dollars in internal affairs in 2020.
Nigeria
The World Bank recently ranked Nigeria as the country with the worst inflation rate in the world based on 2021 figures. According to Kristalina Georgieva, Managing Director of the IMF, inflation, debt and food crisis have affected the country's economy.
Egypt
According to a report by Reuters, Egypt needs to pay off $100 billion in debt over the next five years. It also includes a $3.3 billion bond due in 2024.
