What Sri Lanka reveals about the risks in emerging markets

A number of developing economies face growing pressure from soaring energy and food costs and a stronger US dollar.

Martin Sandbu and Jonathan Wheatley and John Reed

Jul 17, 2022 – 11.48am

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In a more optimistic era, the overthrow by Sri Lankans of a feckless government they blamed for their country’s economic collapse might have been called a velvet revolution.

It began last Saturday when tens of thousands descended on the largest city Colombo and poured into public buildings, including President Gotabaya Rajapaksa’s official residence, amid chants of “Gota, go home”.