Answer to Question #298245 in Microeconomics for #dmtn

Question

Country’s agriculture seems facing a troublesome path. And So many issues in the economy”.

Write an essay on Sri Lanka’s present economic crisis.

Answer 1

Sri Lanka is currently experiencing a severe foreign exchange crisis as its reserves continue to dwindle. Due to a scarcity of money to pay for imports, the country is experiencing a shortage of practically all essentials. However, t he worst crisis occurred lately, just when the country was on the verge of reversing its food insecurity.

Sri Lanka has found itself in a financial crisis as a result of its efforts to produce 100 percent organic food. The Green Revolution's severe social and environmental consequences are as well-known as the decreased farm yields and increased prices related to organic produce (Nulkar, 2021). Organic farming, on the other hand, was gaining popularity as a means of meeting global climate goals and conserving natural ecosystems, according to a growing body of research. When a country's food security is at stake, it's absurd to reduce the decision to a binary option between conventional and organic farming. Generally, the miscalculations and lack of education made farmed to make loses leading to the economic crisis.

In brief, because the country was experiencing a food scarcity and a sharp rise in the prices of necessary commodities, the decision was made to reduce hoarding of critical items and manage inflation. However, o nly 20% of farmers possessed the knowledge to shift to completely organic production, and 63% of those polled had received no organic farming advice (Nulkar, 2021). The key to success, then, is not in making a dramatic decision to go organic, but in training farmers, making citizens aware of the benefits, building adequate infrastructure, and maintaining a farm input supply chain.

References

Nulkar, G. (2021, September 22). Sri Lanka’s organic farming crisis: Learning from failures. Down To Earth. https://www.downtoearth.org.in/blog/agriculture/sri-lanka-s-organic-farming-crisis-learning-from-failures-79138