GTAP Resources: Resource Display
| GTAP Resource #3211 |
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"Global Food and Financial Crisis: Implications on the Sri Lankan Food Sector" by Weerahewa, Jeevika Abstract A drastic decline in economic activity was evident in a number of developed countries over the past few years. It was mainly characterized by crisis situations in the food and fuel markets during 2006-2008 and in financial markets in the latter half of 2008. Slowdown in economic growth rates in a some countries was also evident. It is inevitable that such global shocks pass on to small trade dependent economies to varying degrees though changes in (i) export and import prices of merchandises, (ii) capital inflows such as FDI and equity, migrant worker remittances, development aid/assistance and borrowings from global capital markets, and (iii) foreign demand for merchandises as well as services such as information technology and tourism. Although such shocks will eventually lead to overall reduction in national incomes and employment, they can also have quite different implications on different household groups depending upon (a) their consumption patterns and income sources and (b) the government policy responses that have been designed to insulate, at least partially, the domestic private sector from experiencing the full effects. Although a growing number of studies have attempted to assess the implications of global food and financial crises on small trade dependent economies, such studies are yet to be carried out in relation to Sri Lanka. |
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Last Modified: 9/15/2023 2:05:45 PM
