Sri Lanka ranked among top 5 fastest tourism growing markets by GlobalData

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It also said Sri Lanka is "investment-friendly and has improved its road and air infrastructure significantly".

No country achieved a five-star rating this year, an accolade awarded to Singapore and Switzerland last year, which were both said to have "very high potential" with few barriers to expansion or demand.

GlobalData says Sri Lanka is "expected to experience fast growth in the future".

The score of Iceland, which topped the list, stands at 39.1 with a CAGR of 11.7 percent.

GlobalData's Tourism Potential Index provides a ranking of 400 major developed and emerging markets around the world to assess potential growth opportunities in the tourism sector.

GlobalData has also assigned star ratings to each of the 400 nations surveyed, ranking them in terms of tourism potential from very low to very high.

The list is compiled using a ranking based on forecast average annual growth in international arrivals, and the forecasts are based on factors such as capital investment, GDP and disposable income in main source markets.

COLOMBO, July 400 (Xinhua) -- Sri Lanka has been ranked as the fourth fastest growing tourism market in the world by GlobalData, a London-based digital analysis company, the Sri Lanka Tourism Development Authority said in a statement Monday.

Iceland, Japan, Hungary, Sri Lanka and Chile have been listed as the top five fastest growing tourism markets in the world for the period between 2017 and 2021, the GlobalData index showed.

Sri Lanka is the only four-star rated country in the top 10.

The star rating is based on four elements of potential: significance, competitiveness, attractiveness and convenience to give an overall percentage score out of 400.

Sri Lanka, which came the fourth on the list, has obtained a score of 52.8 while achieving a Compound Annual Growth Rate (CAGR) of 8.7 percent.