Sri Lanka’s rank improved in global competitiveness
The Global Competitiveness Report reveals that Sri Lanka’s rank has
improved where the global competitiveness is concerned registering the
70th position out of 131 countries.
“Last year Sri Lanka was ranked 81 out of the 122 countries. This is
a good indication that Sri Lanka is becoming competitive in the global
arena,” the Chief Economist in the Ceylon Chamber of Commerce (CCC)
Gayathri Gunaruwan said at a seminar. The event was organised by the CCC
on the topic `How Competitive is Sri Lanka for Business’.
Gunaruwan said that in the World Economic forum it takes two indices
on Global Competitiveness and Business Competitiveness. She emphasized
on the Global Competitiveness Index (GCI), which look at macro and micro
economic aspects calculated on 100 variables.
According to her GCI looks into 12 main areas in measuring the
country’s competitiveness globally and Sri Lanka has done better in
certain sectors compared to last year.
The areas that have been taken into consideration were innovation,
business sophistication, market size, technological readiness, finance
market sophistication, labor market efficacy and good market efficiency.
According to the report Sri Lanka has improved in certain sectors
such as higher education, training, health and primary education sectors
compared to last year. This is due to the Government’s commitment
towards these sectors.
The report further reveals that Sri Lanka has not performed well in
certain areas like labor market efficiencies and micro economic
“Today we witness various indices in the world, which are some times
not accurate. GCI has some short coming in reporting and areas where Sri
Lanka have performed well have been ranked as not satisfactory
especially the telecommunication sector,” Executive Director, Institute
of Policy Studies, Dr Saman Kelegama said.
Dr Kelegama said that this sector is one of the efficient and rapidly
growing sectors in the region. He added that certain areas like venture
capital sector is not doing well in Sri Lanka but the ranking has
Chairman/MD, Dankotuwa Porcelain Limited, Sunil Wijesinha also said
that Sri Lanka always highlights good news where the reports are
concerned and Sri Lanka has a factor driven economy.