the Liberation Tigers of Tamil Eelam. Sri Lanka is a developing country, ranking 73rd on the Human Development Index. It is the highest-ranked South Asian nation in terms of development and has the second-highest per capita income in South Asia; however, the ongoing economic crisis has resulted in the collapse of the currency, rising inflation, and a humanitarian crisis due to a severe shortage of essentials. It has also led to an eruption of street protests, with citizens successfully demanding that the president and the government step down. The island has had a long history of engagement with modern international groups: it is a founding member of the SAARC and a member of the United Nations, the Commonwealth of Nations, the G77, and the Non-Aligned Movement. Toponymy In antiquity, Sri Lanka was known to travellers by a variety of names. According to the Mahāvaṃsa, the legendary Prince Vijaya named the island Tambapaṇṇĩ ("copper-red hands" or "copper-red earth"), because his followers' hands were reddened by the red soil of the area where he landed. In Hindu mythology, the term Lankā ("Island") appears but it is unknown whether it refers to the modern day state. But scholars generally agree that it must have been Sri Lanka because it is so stated in the 5th century Sri Lankan text Mahavamsa. The Tamil term Eelam () was used to designate the whole island in Sangam literature. The island was known under Chola rule as Mummudi Cholamandalam ("realm of the three crowned Cholas"). Ancient Greek geographers called it Taprobanā () or Taprobanē () from the word Tambapanni. The Persians and Arabs referred to it as Sarandīb (the origin of the word "serendipity") from Sanskrit Siṃhaladvīpaḥ. Ceilão, the name given to Sri Lanka by the Portuguese Empire when it arrived in 1505, was transliterated into English as Ceylon. As a British crown colony, the island was known as Ceylon; it achieved independence as the Dominion of Ceylon in 1948. The country is now known in Sinhala as () and in Tamil as (, ). In 1972, its formal name was changed to "Free, Sovereign and Independent Republic of Sri Lanka". Later, on 7 September 1978, it was changed to the "Democratic Socialist Republic of Sri Lanka". As the name Ceylon still appears in the names of a number of organisations, the Sri Lankan government announced in 2011 a plan to rename all those over which it