What lies behind Sri Lanka’s collapse?

Corruption, the preferential treatment of connections, dependence on debt finance, and explosive borrowing from China have combined to push Sri Lanka into economic collapse. Political instability has only prolonged the crisis, provoking violence and unrest. Thamashi De Silva, Simon Commander, and Saul Estrin write that even if an acceptable caretaker government gets formed, the depths to which the economy has sunk, the degradation of institutions, and a sense of impunity among the elite will make recovery a protracted and painful process.