Economic Freedom and Sri Lanka
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Presented at Advocata Economic Freedom Summit in Colombo, Sri Lanka. by Fraser Institute's Fred McMahon Chair of Economic Freedom
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Economic Freedom and Sri Lanka
- 2. Sri Lanka and Economic Freedom October 2017 Fred McMahon Fraser Institute
- 3. Thanks to: Dhananath Fernando Ravi Ratnasabapathy Deane Jayamanne
- 4. What is Economic Freedom Individuals have economic freedom when property they acquire without the use of force, fraud, or theft is protected from physical invasions by others and they are free to use, exchange, or give their property as long as their actions do not violate the identical rights of others. An index of economic freedom should measure the extent to which rightly acquired property is protected and individuals are engaged in voluntary transactions. James Gwartney et al. 1996
- 5. Components of the Economic Freedom of the World Index • Size of government and taxation • Private property and the rule of law • Sound money • Trade regulation and tariffs • Regulation of business, labour and capital markets
- 6. Why is Economic Freedom Important? • Economic rights are fundamental rights in the sense that without them there can be no political freedom or civil freedoms • They are a prerequisite for growth and development • They are a prerequisite for broader human development
- 7. The impact on prosperity and development
- 8. Per Capita Income and Economic Freedom Quartile (constant 2011 international $), 2015 $0 $3,000 $6,000 $9,000 $12,000 $15,000 $18,000 $21,000 $24,000 $27,000 $30,000 $33,000 $36,000 $39,000 $42,000 Least Free Quartile 3rd Quartile2nd QuartileMost Free Quartile PPPconstant2011 international$ Most Free ……………. Least Free
- 9. Per Capita GDP Growth 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% Least Free Quartile 3rd Quartile2nd QuartileMost Free Quartile Most Free ……………. Least Free
- 10. Economic Freedom, the Poor, and Inequality
- 11. Income Share of the Poorest 10% and Economic Freedom 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% Least Free Quartile 3rd Quartile 2nd Quartile Most Free Quartile PercentageshareofGDP Most Free ……………. Least Free
- 12. Income of the Poorest 10% and Economic Freedom $0 $2,000 $4,000 $6,000 $8,000 $10,000 $12,000 Least Free Quartile 3rd Quartile2nd QuartileMost Free Quartile Most Free ……………. Least Free
- 13. Economic Freedom, Governance, and Democracy
- 14. Economic Freedom and Political Rights 0 1 2 3 4 5 6 Least Free Quartile 3rd Quartile2nd QuartileMost Free Quartile PoliticalRights (outof10) Most Free ……………. Least Free
- 15. Economic Freedom and Civil Rights 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 Least Free Quartile 3rd Quartile2nd QuartileFreest Quartile CivilLiberties (outof10) Most Free ……………. Least Free
- 16. The impact of Economic Freedom on other indicators of well-being
- 17. Literacy (% of population) Male Female 50 60 70 80 90 100 Least Free Quartile 3rd Quartile2nd QuartileMost Free Quartile Most Free ……………. Least Free
- 18. Economic Freedom and Life Satisfaction 3.0 3.5 4.0 4.5 5.0 5.5 6.0 6.5 7.0 Least Free Quartile 3rd Quartile2nd QuartileMost Free Quartile LifeSatisfaction ofof10 Most Free ……………. Least Free
- 19. Some of the great longer-term successes
- 21. Per Capital GDP $2,000 $3,000 $4,000 $5,000 $6,000 $7,000 $8,000 $9,000 $10,000 1970 1975 1980 1985 1990 1995 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 South America Chile Free Market Reform
- 22. Asia Economic Freedom Scores 5 5.5 6 6.5 7 7.5 8 8.5 9 1970 1975 1980 1985 1990 1995 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Southeast Asia Korea, South Singapore
- 23. Per Capital GDP $0 $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 $35,000 $40,000 1970 1975 1980 1985 1990 1995 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Southeast Asia Korea, South Singapore
- 24. Sub-Sahara Africa Economic Freedom Scores 4.5 5 5.5 6 6.5 7 7.5 8 1980 1985 1990 1995 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Botswana Sub-sahara Africa
- 25. Per Capital GDP $0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $7,000 $8,000 1960 1963 1966 1969 1972 1975 1978 1981 1984 1987 1990 1993 1996 1999 2002 2005 2008 2011 Sub-Saharan Africa Botswana
- 26. How Does Sri Lanka Do?
- 27. Economic Freedom Scores 4 5 6 7 8 9 1980 1985 1990 1995 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Singapore Korea, South Malaysia India Sri Lanka
- 28. Per Capital GDP Constant US$ $0 $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 Singapore South Korea Malaysia India Sri Lanka
- 29. Sri Lanka’s Rankings 94 73 135 135 92 121 90 61 0 20 40 60 80 100 120 140 160
- 30. Trade and Openness Focus
- 31. 2 3 4 5 6 7 8 9 Sri Lanka: Freedom to Trade
- 32. $0 $3,000 $6,000 $9,000 $12,000 $15,000 1964 1966 1968 1970 1972 1974 1976 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 Sri Lankan Exports Constant 2010 $US, Millions Policy of Openness
- 33. New Zealand’s 1980s Reforms Agricultural Subsidies and Trade Barriers Dramatically Reduced
- 34. $0 $50,000 $100,000 $150,000 $200,000 $250,000 $300,000 $350,000 $400,000 $450,000 $500,000 1964 1966 1968 1970 1972 1974 1976 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 New Zealand Agricultural Exports Constant 2010 $US, Millions Trade barriers and subsidies removed
- 35. Urgent Policy Work Is Required
- 36. Economic Freedom • Increases prosperity for all • Reduces poverty • Increases other freedoms • Improves quality of life