Sri Lanka 94th in ‘economic freedom of the world’ ranking | Daily News

Sri Lanka 94th in ‘economic freedom of the world’ ranking

Panel discussion at the inauguration of ‘Advocata Economic Freedom Summit 2017’ comprising moderator Aneesha Guruge, Vinod Moonnasinghe, Ajith Perakum Jayasinghe and Chanuka Wattegama. Picture by Chaminda Niroshana
Panel discussion at the inauguration of ‘Advocata Economic Freedom Summit 2017’ comprising moderator Aneesha Guruge, Vinod Moonnasinghe, Ajith Perakum Jayasinghe and Chanuka Wattegama. Picture by Chaminda Niroshana

According to Canada's Fraser Institute’s annual Economic Freedom of the World report, Sri Lanka ranked in 94th position, which is an improvement compared with 101th in the previous year. This year’s the report is based on 2015 data collected in 159 countries and territories across the globe.

This was disclosed at the ‘Economic Freedom Summit 2017’ hosted by Advocata Institute and held at Nippon hotel, Colombo, on October 11, to coincide with the worldwide release of the IMF's flagship 'World Economic Outlook' report.

Advocata Institute, an independent policy think tank based in Colombo, conducts research, provides commentary and holds events to promote sound policy ideas compatible with a free society in Sri Lanka.

The Summit was partnered by Fraser Institute, the Canadian public policy think tank.

The Summit had a series of events from October 11 to 13 centered on roundtable discussions bringing together people from industry, academia and think tanks to identify areas to reform Sri Lanka’s economy.

The discussion at the inaugural event focused on the topic of whether Sri Lanka’s open economy has paid dividends.

The main event on October 12 included a roundtable discussion and Sri Lanka release of the Economic Freedom of the World report. Hong Kong and Singapore top the index as first and second. New Zealand, Switzerland, Ireland, UK, Mauritius, Georgia, Australia and Estonia are within the top 10.

The Fraser Index identifies weaknesses in the legal system and property rights, trade restrictions, tariffs, cumbersome regulation and controls over foreign investments as the major contributors towards Sri Lanka’s low ranking.

The summit presented an opportunity to find means of reversing this trend by identifying barriers to development and to kick-start the reform process.

“Where people are free to pursue their own opportunities and make their own choices, they lead more prosperous, happier and healthier lives,” said Fred McMahon, Research Chair in Economic Freedom, Fraser Institute, Canada, addressing the topic, 'The state of economic freedom in Sri Lanka’.

The keynote address of October 12 sessions was made by Ceylon Chamber of Commerce Chief Economist Anushka Wijesinha. State Minister of Finance Eran Wickramaratne made an insightful speech.

The summit ended on October 13 with Prof Rohan Samarajiva making the keynote address.

The Advocata Institute www.efsummit.advocata.org is set to present the final report to the Government. 


 

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