Startup companies are coming up in Sri Lanka from every possible direction. While startups are dime a dozen, those who initiate these are mostly the young generation -keen on make it big on their own feet with many a plan for their future and success.
However, sadly, most of these startups come crashing down not long after it’s initiation.
Reasons are many for their downfall and the current state of Sri Lanka is also not helping their cause.
This state is evident more clearly in the 2018 edition of ‘The Ease of Doing Business Index’.
What is the Doing Business Index? – It is the World Bank Group’s flagship publication, which ranks a country’s economy on their ‘ease of doing business’.
How did Sri Lanka fare in the ranking?
Not so well.
Sri Lanka ranked 110th in 2016 and come 2017, Sri Lanka has lost one spot -falling down to 111th out of 190 countries.
It measures regulations affecting 11 areas of ‘the life of a business’.
Ten of these areas are included in this year’s ranking on the ease of doing business:
1. Starting a business
2. Dealing with construction permits
3. Getting electricity
4. Registering property
5. Getting credit
6. Protecting minority investors
7. Paying taxes
8. Trading across borders
9. Enforcing contracts
10. Resolving insolvency
11. Labor market regulation (not included in 2017 ranking)
Who replaced Sri Lanka on the 110th position in 2017? – Malawi
The Index has been topped by New Zealand while the bottom most spot is occupied by Somalia.
Other East Asian Countries;
In 2016 India was ranked 130th, 20 ranks below Sri Lanka.
However in 2017, India has leaped 30 places to claim bragging rights for the 100th position.
Historic jump in ‘Ease of Doing Business’ rankings is the outcome of the all-round & multi-sectoral reform push of Team India. pic.twitter.com/DhrEcuurgi
— Narendra Modi (@narendramodi) October 31, 2017