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What economic problems triggered the 2022 protests in Sri Lanka?
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Generation Z protests
In Greek and Roman myth the old god consumes his children to preserve his power. In many countries today the young face a version of the same fate: priced out of housing, burdened by debt, and taxed to sustain the pensions and property wealth of older generations.
The 2022 protests in Sri Lanka were triggered by a severe economic collapse rooted in years of fiscal mismanagement and the concentration of power under the Rajapaksa family. Several key factors exacerbated the crisis:1
- Fiscal Policy: Sweeping tax cuts implemented in 2019 caused the national deficit to balloon.23
- Pandemic Disruptions: The COVID-19 pandemic severely hindered global investment and strained the economy.13
- Agricultural Crisis: A sudden, poorly planned ban on the importation of chemical fertilizers and pesticides in 2021 led to a steep decline in crop production and food scarcity.13
- Global Factors: The economy faced additional pressure from global fuel shortages, which intensified after Russia’s invasion of Ukraine in early 2022.21
These combined issues resulted in rapid inflation, widespread food shortages, and daily power outages, which ultimately galvanized students and young professionals to demand government accountability and the resignation of the country's leadership.213