World Bank has released a report titled “South Asia Economic Focus”. The report forecasts a sharp economic fall in each of the region’s eight countries. The cause of the sharp economic fall have been stated as the halting economic activity, collapsing trade as well as greater stress in the financial and banking sectors which is a result of COVID-19 outbreak. The report states that the regional growth will get dropped to a range between 1.8% and 2.8% in 2020, down from 6.3% that was projected 6 months ago.
According to the report, Maldives is expected to be the worst hit nation along with Sri Lanka, Pakistan and Afghanistan. In the above listed countries, the full range of forecast is in negative territory. India’s economy has been expected to grow at 1.5% to 2.8% in the fiscal year 2020-2021.
Important takeaways for all competitive exams:
- President of World Bank: David Robert Malpass.