The South Asian Island nation, Sri Lanka is facing the challenge of the worst economic recession in history. Sri Lanka’s economy has collapsed. The facilities of the citizens are also being closed. Sri Lanka is going through a difficult time in the midst of political and administrative crises.The collapse of the tourism industry, the country’s main source of income for the last two years, is one of the explanations provided by many international media outlets and economic analysts for the disaster in Sri Lanka. As a result, Sri Lanka’s income from this sector has been severely harmed. The large foreign loan installments acquired earlier in various projects to attract tourists, on the other hand, must be returned. Furthermore, industrial production has plummeted, as have export profits and remittances.
The country is in an all-time economic crisis, including a production deficit, despite lowering taxes and VAT and cutting the use of pesticides in agriculture to zero. On the other hand, Pakistan’s fragile economy (high inflation and low growth) is one of the hot points in South Asia now. This issue creates some sort of political problem in Pakistan now. The Asian Development Bank (ADB) has said that Bangladesh will not face the same economic crisis as Sri Lanka. Edmin Ginting, the agency’s resident representative in Bangladesh, said Bangladesh’s macroeconomic management is very good. In addition