Sri Lanka - better recognition as a liberal economy

A country struggling to maintain tourism, Sri Lanka receives good news.

Courtesy: uslankaonline.com

(COLOMBO) - While receiving its share of bad publicity over the fallout from a deadly civil war that ended just over two years ago, along charges of war crimes and Genocide, Sri Lanka has been ranked 97th among the 184 countries as the freest to carry out business in.

According to the rating done by Washington-based right-wing think tank Heritage Foundation, and a newspaper that doesn't invest time covering things like Genocide, the Wall Street Journal, Sri Lanka’s economic freedom score is 58.3, which is 1.2 points higher than last year, reflecting solid gains in trade freedom, monetary freedom, and business freedom.

Sri Lanka ranked 16th out of 41 countries in the Asia-Pacific region with its score point at 58.3 is ahead of Bangladesh (53.2), Bhutan (56.6), Pakistan (54.7), and India (54.6).

The Sri Lankan economy continues to progress toward greater economic freedom, registering significant score gains in the past two years.

However, tourists continue being assaulted, murdered and raped, and sympathizers of the Tamil people who live in the north of Sri Lanka, where the Genocide took place leaving up to 160k people missing or dead, continue to suffer repercussions over their politics and the notorious 'white van' incidents connected to the disappearances of hundreds of people.

With regard to the tourist economy, one of Sri Lanka's top economic dependencies, notable changes have been implemented in key areas. Regulatory efficiency has been considerably enhanced through establishment of a streamlined business formation process and simplification of licensing requirements. Non-tariff barriers are relatively low, statutory tariff rates have been reduced, and many import surcharges have been eliminated, the report adds.

Special thanks to IEWY News

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