agricultural products. In addition to these economic sectors, overseas employment contributes highly in foreign exchange. As of the early 2020s, the debt-laden country is undergoing an economic crisis where locals are experiencing months of shortages of food, fuel and electricity. Inflation has peaked to 57% according to official data. In June 2022, Prime Minister Ranil Wickremesinghe declared in parliament the collapse of the Sri Lankan economy, leaving it unable to pay for essentials. Macroeconomic trends The chart below summarizes the trend of Sri Lanka's gross domestic product at market prices. by the International Monetary Fund with figures in millions of Sri Lankan Rupees. For purchasing power parity comparisons, the US Dollar is exchanged at 113.4 Sri Lankan Rupees only. The following table shows the main economic indicators in 1980–2020. Trade statistics Largest trading partners with Sri Lanka Exports $10.3 billion (2020) Imports $14.9 billion (2020) Economy Sovereign Debt Crisis 2022 After two years of money printing and tax cuts made for fiscal and monetary stimulus Sri Lanka declared a 'pre-emptive negotiated default' saying most foreign debt would not be repaid from April 12 Fitch Ratings downgraded Sri Lanka to 'C' from 'CC' and said the country would be further downgraded to restricted default (RD) once the first payment was missed. Standard and Poor's downgraded the sovereign rating to 'CC' and said the country would be downgraded to selective default (SD) after a payment was missed. GDP growth 2021 and projections for 2022 2020: -4, 2021: 4, 2022(f) 3 IMF Sri Lanka's economy could grow 3% in 2022, the International Monetary Fund has said while warning that risk were on the downside and the economy could implode with trade contractions and monetary instability money printing (central bank credit) continued. In 2021 Sri Lanka grew 4% amid though excessive central bank financing had led to balance of payments deficits and foreign exchange shortages. Despite progress in managing Coronavirus, external debt remains a challenge amid concerns over money printing under Modern Monetary Theory independent economists had warned earlier. The central bank has said the economy is managed in an alternative way. The country's public and publicly guaranteed debt could rise to 115% in 2021 and poverty could worsen, the World Bank has warned. Sri Lanka's gross domestic product contracted 4% in 2020 due to the government response to the Coronavirus pandemic which was higher than the previous contraction reported in 2001, on top