Sri Lanka's crisis-hit economy shrank a record 7.8 percent last year as long blackouts and critical fuel shortages put a chokehold on local commerce.
Out of gas and stuck in line for days, a group of motorists kick off their shoes and settle on a sidewalk in Sri Lanka's capital for a round of cards while waiting for fuel.COLOMBO - Sri Lanka's crisis-hit economy shrank a record 7.8 percent last year as long blackouts and critical fuel shortages put a chokehold on local commerce, official data showed.
Last year's contraction -- the biggest in the country's 75 years of independence -- compared with 3.5 percent growth in 2021 and a 4.6 percent contraction in 2020 as the coronavirus pandemic hit. President Ranil Wickremesinghe has raised taxes and ended generous subsidies on fuel and electricity to boost government revenue after his predecessor defaulted on Sri Lanka's $46-billion foreign debt last year.