First, don't borrow money blindly. In May, 2022, Sri Lanka already had a foreign debt that could not be repaid due, and it will face enormous debt repayment pressure in the future. At present, Sri Lanka's foreign debt has reached more than 50 billion US dollars, while Sri Lanka's GDP in 20021year was only 82.5 billion US dollars, which is equivalent to the ratio of debt to GDP reaching more than 60%, which has exceeded the global warning line.

Foreign debts are common all over the world. For those big countries, it doesn't matter whether they have huge debts or not. For example, the US government's current debt reaches 30 trillion US dollars, and the ratio of debt to GDP exceeds 130%. However, the United States is still very smart. They can do this because their own country is very strong and the dollar has a global currency status, so even if the debt is high, they will not go bankrupt.

However, compared with other big countries, Sri Lanka's own debt risk resilience is much weaker. At present, Sri Lanka's foreign exchange is mainly earned by tourism and expatriates working outside the country. Before 2020, when the global economy is still relatively optimistic, the tourism development in Sri Lanka is also relatively good. In addition, there are more than 2 million nationals working abroad, which can bring back a lot of foreign exchange in dollars for Sri Lanka every year. However, in the last two years, under the influence of the epidemic, the global economy is not optimistic, especially the tourism industry, which directly leads to a large reduction in Sri Lanka's foreign exchange reserves. At this time, Sri Lanka became very fragile.

After this incident, I believe that other small countries in the world, including Sri Lanka, will learn a lesson, that is, in the context of the country's overall strength is relatively weak, do not blindly borrow money. Although borrowing money can bring about national development and create more GDP and employment opportunities, in case of some extreme situations in the world, which lead to economic performance being ignored, these countries may fall into a very passive situation and even go bankrupt. Therefore, whether it is a big country or a small country, we should borrow moderately, not for the sake of borrowing, but within our own ability. At the same time, in the process of borrowing, we should fully consider some uncertain factors that may appear in the future. Only by borrowing reasonably can we maximize the value of debt and avoid some negative effects brought by debt.

Second, we should optimize domestic industries and maintain independence. Sri Lanka is a country with relatively single industry. At present, it mainly relies on the development of tourism, and its industrial base is relatively weak. Sri Lanka's foreign exchange is mainly contributed by tourism. This single economic structure can attract tourists from all over the world to visit Sri Lanka under the overall optimistic global economy, thus promoting Sri Lanka's economic development and creating more foreign exchange. At this time, they don't have to worry about foreign exchange shortage. However, the disadvantages of over-reliance on tourism are very obvious. After all, tourism is obviously affected by various factors, especially since the outbreak in 2020, the global tourism industry has declined seriously. In this context, Sri Lanka's tourism industry has also been greatly affected, which is also an important reason for the large reduction of foreign exchange.

In order to avoid this situation, I think it is necessary for Sri Lanka and other countries to develop diversified industries and not rely too much on one industry. Although concentrating on the development of a certain industry can bring the competitiveness of the industry, once some extreme situations are encountered, the disadvantages of a single industry will appear. Therefore, when the economic environment is relatively good, we must be prepared for danger in times of peace, develop more industries and improve the domestic economy's ability to resist risks.

Third, agriculture is the foundation of national development at any time. One of the most important reasons for Sri Lanka's economic crisis is the reduction of foreign exchange reserves, which makes it impossible to pay for imported food and other foods. It is incredible that Sri Lanka has come so far. Sri Lanka is located in the tropical region, and its geographical position is very superior, which is very suitable for developing agriculture. And by 2020, Sri Lanka will basically achieve food self-sufficiency. However, in April of 20021year, Sri Lanka planned to export grain for foreign exchange in order to alleviate the pressure of foreign exchange. For this reason, Sri Lanka issued the "Organic Agriculture Order", which banned the import of chemical fertilizers and pesticides, and demanded a total ban on modern agricultural materials including chemical fertilizers, pesticides and herbicides in domestic agricultural production, in order to become the first completely organic agricultural country in the world.

The original intention of Sri Lanka's plan is to export organic food to gain a certain competitive advantage and then exchange more foreign exchange. However, contrary to expectations, after Sri Lanka was unable to use some modern substances such as fertilizers and pesticides, Sri Lanka's grain output fell sharply, and it can even be said that it was cross the rubicon. As a result, the food produced in Sri Lanka can not only be exported, but also lead to domestic food shortage, which in turn leads to the import of food from outside, which directly leads to the soaring food prices in Sri Lanka and the rapid increase of inflationary pressure. At present, the inflation pressure in Sri Lanka has soared to about 60%, which makes ordinary residents even more miserable. Therefore, agriculture must be placed in a very important position at all times. Agriculture is the foundation of a country at any time, and this foundation cannot be shaken at any time. Moreover, the development of agriculture must be slow and steady, and agricultural policies cannot be changed casually. Only by combining China's actual national conditions and adopting appropriate agricultural development routes can we truly realize food self-sufficiency.

Fourth, we should pay attention to the diversified development of energy. Another important reason for this crisis in Sri Lanka is the decrease in energy imports and the rapid rise in domestic energy prices. This is because Sri Lanka is highly dependent on crude oil at present. Once the foreign exchange reserves are reduced, it is impossible to import oil, which will lead to a rapid rise in domestic energy prices and thus fall into an energy crisis. In order to get rid of this dilemma, I think it is very necessary to develop energy diversification. In addition to conventional crude oil and natural gas, some new energy sources can be developed. Especially for Sri Lanka, which is located in South Asia, we can fully develop various new energy sources such as solar energy and wind energy, increase the proportion of new energy sources in the national energy structure, reduce dependence on crude oil, and make the national energy more independent.