Sri Lanka – better recognition as a liberal economy

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 think tank Heritage Foundation and 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. 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.