Research author draws social media attention over tweet on economic crisis

COLOMBO (News1st): The author of an economic research book titled 'The Ponzi Factor' has drawn social media attention for his tweet on the current economic crisis due to COVID - 19. Tan Liu, on his handle, tweeted "It’s funny how the economy is about to collapse because people are only buying what they need" drawing comments for and against since then. "Yes, because nobody needs to go (to) the cinema, a restaurant, or the gym; we don't need clothes nor jewelry. We just need flour! What a beautiful world," a user who agreed with the tweet had replied. Economies across the world have been struggling since the outbreak of the virus, with companies imposing pay-cuts, and limiting incentives to its employees. Sri Lankan analysts have predicted that the south-asian island nation will experience an economic recession this year, with the gross domestic product expected to fall below two percent. Another social media user, however, disputed the author. "Economies collapse from debt. No one buying what they "need", hoarding contradicts your assumption," the user tweeted. Sri Lanka's economy has however been affected by both the inability to rake in revenue through exports, and also as a result of the mounting debts to international lenders. The country has to settle 4.8 billion dollars as foreign debt this year, but failed to raise 220 million dollars through development bonds in late March. The International Monetary Fund, which did not include Sri Lanka among the countries to be granted debt relief, has also said it is likely to delay issuing a 190 million dollar tranche of a loan worth 1.5 billion dollars disbursed over four years.