BUSINESS CLIMATE
Sri Lanka’s Doing Business ranking improves: World Bank
Sri Lanka has moved one place higher and is now ranked 99th of 190 countries in the Doing Business 2020 index, according to the World Bank.
Its latest report findings indicate that while Sri Lanka displayed marginal improvement in several sub-sectors, the country’s overall score is unchanged from the previous year – at 61.8 – with no new business reforms implemented in the period under review.
The rankings are based on the average for each economy’s ease of doing business score vis-à-vis 10 topics included in the 2020 aggregate ranking. These range from commencing a business and dealing with construction permits, to gaining electricity, registering property and obtaining credit.
Moreover, criteria such as protecting minority investors, paying taxes, trading across borders, enforcing contracts and resolving insolvency are also considered in the tabulation of results.
The report highlights the three areas of commencing a business, dealing with construction permits and obtaining electricity as having demonstrated minor improvements in Sri Lanka with the change in score recorded at 0.3, 0.1 and 0.2 respectively.
Furthermore, India and Pakistan are commended for making the most business related regulatory reforms, and have thereby earned positions among the top 10 most improved economies, whereas Nepal and Bangladesh are also said to have made notable improvements.
Meanwhile, it is noted that Afghanistan, Bhutan, the Maldives and Sri Lanka have not made any regulatory changes in the year of consideration.
India – occupying 63rd place in the Doing Business index – is the highest ranked South Asian economy, followed by Bhutan (89) and Nepal (94).