Sri Lanka steps up one place in the World Bank’s Doing Business 2020 rankings
Sri Lanka has reportedly risen one place to the 99th position in the World Bank’s Doing Business 2020 rankings.
The report has stated that Sri Lanka’s ease of doing business score remained flat at 61.8 points out of a possible 100, with marginal gains in starting a business, dealing with construction permits and getting electricity.
Sri Lanka set up eight task forces in 2016 to rise to the top 70 countries by 2020 through widespread reforms, which is yet in progress.
India was the highest ranked South Asian nation at 63rd place with a score of 71, rising 14 ranks from last year due to reforms to starting a business, dealing with construction permits, trade and resolving insolvency. Three years ago, India was ranked 130, behind Sri Lanka’s 110.
Pakistan was ranked 108, rising from the 136th rank due to widespread reforms.
Vietnam and Bangladesh which are competing with Sri Lanka on manufactured goods ranked at 70 and 168 respectively.
The two easiest countries to do business next year remained New Zealand and Singapore from 2019, while Denmark has risen one rank to the third place, replacing Hong Kong, which has fallen to the fourth and Korea has remained at fifth place.
OSL take:
The government of Sri Lanka has taken many steps to improve the ease of doing business environment in the country. Although the country has managed to step up only one slot in the index, the long term goal set by the authorities would result in an impressive growth in the country’s performance in the ease of doing business environment. Sri Lanka’s economic policies have been commended by the international community and given its commitment to further improving the ease of doing business environment in the country, the island is fast become an ideal business/investment destination in the South Asian region.
| Article Code : | VBS/AT/28102019/Z_3 |