Sri Lanka ease of doing business ranking rises one spot to 99th
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ECONOMYNEXT- Sri Lanka has risen one place to 99th in the World Bank’s Doing Business 2020 rankings without economic reforms, while neighbouring India and Pakistan rose through the ranks rapidly.
The report said 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.
Starting a business was rated high in Sri Lanka with a score of 88.2. Registering a property, enforcing contracts, access to credit and winding up a business ranked poorly.
The report listed no reforms for Sri Lanka in 2019. Sri Lanka had set up eight task forces in 2016 to rise to the top 70 countries by 2020 through widespread reforms, which had not acted in time for the 2020 edition.
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 in next year remained New Zealand and Singapore from 2019, while Denmark rose one rank to the third place, replacing Hong Kong, which fell to the fourth and Korea remained at fifth place.
North Madeconia rose 7 places to the 10th rank, ousting Sweden. The UK, US, Norway and Georgia were also in the top 10.