On Saturday, September 21st, Sri Lanka held a national election. It is predicted by observers that in this tightly contested election, economic issues will be the top concern for voters.
In 2022, the country faced its worst economic crisis ever, sparking widespread protests that led to the ousting of the then-president. Saturday’s vote is widely seen as a referendum – the new president will bear the heavy responsibility of economic reform to revive the country’s fragile economy.
Due to increased taxes and cuts in welfare, many Sri Lankans are struggling to make ends meet.
The total population of Sri Lanka is 22 million, with over 17 million eligible voters. Voting ended at 16:00 local time and counting is expected to begin, with the results not likely to be announced until Sunday morning.
This election has seen a record number of candidates in Sri Lankan history. Among the over thirty candidates, four are standing out.
One is the incumbent President Ranil Wickremesinghe, who is tasked with leading Sri Lanka out of economic collapse and is currently seeking re-election. He was appointed by the parliament a week after former president Gotabaya Rajapaksa was forced to step down.
Another strong contender is leftist Anura Kumara Dissanayake, who has gained increasing public support with his anti-corruption stance.
Apart from Wickremesinghe and Dissanayake, other favored candidates include opposition leader Sajith Premadasa and 38-year-old nephew of former president, Namal Rajapaksa.
In 2022, former President Gotabaya Rajapaksa was forced to flee the country.
Due to economic collapse, years of inadequate tax revenue, weak exports, significant policy mistakes, and compounded by the COVID-19 pandemic, the country’s foreign exchange reserves have been depleted. Public debt has soared to over $83 billion and inflation rates spiked to 70%.
Essential items like food, gas, and medicine have become scarce for ordinary citizens, leading to widespread discontent. The Rajapaksa government has been blamed for being the main cause of the crisis, prompting months-long protests demanding his resignation.
On July 13, 2022, Rajapaksa fled the country as people stormed the presidential palace, jumping into the swimming pool and ransacking the house, with dramatic videos circulating on global networks.
After President Wickremesinghe’s interim government took office, strict austerity measures were implemented to save the economy, yet many Sri Lankans are still struggling with financial difficulties, and numerous small businesses nationwide are still grappling with crises.
Despite inflation dropping from its crisis peak of 70% to 0.5% last month, with a projected first-time economic growth in three years in 2024, millions are still trapped in poverty and debt, with many pinning their hopes on the next president.