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Monday, 02 October 2017 - 17:23
SL slips down in Global Competitiveness Index
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Sri Lanka has slipped in the ranking to 85th, in the Global Competitiveness Index released by the World Economic Forum.

It had occurred mainly due to a deteriorating institutional environment, lower goods markets efficiency and infrastructure that is assessed as less well developed.

The WEF said that the macroeconomic stability needs to remain a priority for the government, as the country continues to cope with high levels of debt and tries to restore a sound macroeconomic environment.

The government managed to decrease the deficit and stabilize debt after the country entered assistance program by the IMF in 2016, the WEF said.

Yet, the burden of interest on debt remains high and currently amounts to most of the revenue collected by the government.

Inflation also increased and forced the authorities to tighten monetary policy, with negative effects on credit.

Business confidence has been declining over the past two years, according to the assessment of the World Economic Forum.

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