A Review of the Sri Lankan Economic Crisis: Lessons for Future Economic Policy-Making to Other Asian Nations

The main goal of this research is to explain how the structural issues, poor governance, an ineffective public administration system, and civil society together create a socioeconomic hellfire and gradually burn the pearl of the Indian Ocean (Sri Lanka). Besides that, the main conclusion of the research is the ongoing Sri Lankan economic crisis and socioeconomic downfall as a long-term domino effect implied the economic factors, multiple interrelated and interdependent non-economic factors. The article uses qualitative research methods: studying literature and legal acts, analysis and synthesis, the descriptive method, and deductive inference. The Mendeley.com platform was used to identify the most relevant positions for the literature review. The important aspect is that some of the authors are Sri Lanka’s citizens and have the current problem insight overview. The value of this research is to show both economic and non-economic roots of Sri Lanka’s worst macroeconomic turmoil since gaining independence in 2020. This article is the base for further quantitative research on both economic and non-economic factors of this crisis. Nevertheless, the entire chapter and its insights can be considered a great socioeconomic learning experience for future economic policy-making for other South and East Asian countries.