nation.lk - 21/12/2014
Forbes Best Countries for Business
Sri Lanka has been rated at the 89th position in the Forbes’ list of the best countries for business this year out of 146 nations ranking better than even larger economies like Russia (91), India (93), Brazil (94) and China (97). A breakdown of the ratings showed that Red Tape has declined to 85th position whilst Trade Freedom has been rated at 98, Monetary Freedom 124, Property Rights 72, Innovation 45, Technology 92, Investor Protection 50, Corruption 78, Personal Freedom 99, Tax Burden 124 and Market Performance improved to the 7th position.
“Sri Lanka continues to experience strong economic growth following the end of the 26-year conflict with the Liberation Tigers of Tamil Eelam.
The government has been pursuing large-scale reconstruction and development projects in its efforts to spur growth in war-torn and disadvantaged areas, develop small and medium enterprises and increase agricultural productivity. The government’s high debt payments and bloated civil service have contributed to historically high budget deficits, but fiscal consolidation efforts and strong GDP growth in recent years have helped bring down the government’s fiscal deficit. However, low tax revenues are a major concern. The 2008-09 global financial crisis and recession exposed Sri Lanka’s economic vulnerabilities and nearly caused a balance of payments crisis. Agriculture slowed due to a drought and weak global demand affected exports and trade. In early 2012, Sri Lanka floated the rupee, resulting in a sharp depreciation, and took steps to curb imports. A large trade deficit remains a concern, but strong remittances from Sri Lankan workers abroad help offset the trade deficit. Government debt of about 80% of GDP remains among the highest in emerging markets,” a profile of the country according to the website stated.
Forbes determined the Best Countries for Business by grading 146 nations on 11 different factors of property rights, innovation, taxes, technology, corruption, freedom (personal, trade and monetary), red tape, investor protection and stock market performance.
Denmark topped Forbes’ 9th annual ranking of the Best Countries for Business, followed by Hong Kong, New Zealand, Ireland and Sweden.
Forbes Best Countries for Business
Sri Lanka has been rated at the 89th position in the Forbes’ list of the best countries for business this year out of 146 nations ranking better than even larger economies like Russia (91), India (93), Brazil (94) and China (97). A breakdown of the ratings showed that Red Tape has declined to 85th position whilst Trade Freedom has been rated at 98, Monetary Freedom 124, Property Rights 72, Innovation 45, Technology 92, Investor Protection 50, Corruption 78, Personal Freedom 99, Tax Burden 124 and Market Performance improved to the 7th position.
“Sri Lanka continues to experience strong economic growth following the end of the 26-year conflict with the Liberation Tigers of Tamil Eelam.
The government has been pursuing large-scale reconstruction and development projects in its efforts to spur growth in war-torn and disadvantaged areas, develop small and medium enterprises and increase agricultural productivity. The government’s high debt payments and bloated civil service have contributed to historically high budget deficits, but fiscal consolidation efforts and strong GDP growth in recent years have helped bring down the government’s fiscal deficit. However, low tax revenues are a major concern. The 2008-09 global financial crisis and recession exposed Sri Lanka’s economic vulnerabilities and nearly caused a balance of payments crisis. Agriculture slowed due to a drought and weak global demand affected exports and trade. In early 2012, Sri Lanka floated the rupee, resulting in a sharp depreciation, and took steps to curb imports. A large trade deficit remains a concern, but strong remittances from Sri Lankan workers abroad help offset the trade deficit. Government debt of about 80% of GDP remains among the highest in emerging markets,” a profile of the country according to the website stated.
Forbes determined the Best Countries for Business by grading 146 nations on 11 different factors of property rights, innovation, taxes, technology, corruption, freedom (personal, trade and monetary), red tape, investor protection and stock market performance.
Denmark topped Forbes’ 9th annual ranking of the Best Countries for Business, followed by Hong Kong, New Zealand, Ireland and Sweden.
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