Sri Lanka was ranked as the third most expensive country in the world to purchase a vehicle in 2021, according to the World Bank’s Vehicle Price Level Index.
The index assigns Sri Lanka a score of 175, indicating that vehicle prices in the country are more than 1.75 times higher than the global average benchmark of 100.
Only Singapore and the Maldives recorded higher scores.
The Colombo-based Advocata Institute noted that high import duties and restrictive government policies have effectively made vehicle ownership a luxury in Sri Lanka.
The think tank warned that these constraints not only impact personal mobility but also have far-reaching effects on productivity and economic opportunity.
Leave a comment