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The economic agenda is the key issue in the Sri Lankan Presidential elections to be held on Sept 21. This island nation is seeking a return to prosperity through relief from onerous debt, reduced corruption, an effective bureaucracy, and constitutional and economic reforms. The five principal players in the race, however, have varied agendas that may not fulfil all of the people’s needs and desires.
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Sri Lanka’s sovereign debt default in 2022 triggered the worst economic crisis in the country’s post-independence history. By mid-2024, the economy started showing signs of recovery, with a performance higher than other debt-defaulting nations and exceeded IMF expectations. The current stable path, however, is not enough. Sri Lanka needs to shift its economic trajectory from one of debt distress to sustained growth over the next few years.