April 2024 World Bank Report: South Asia's Growth Dynamics and Imperatives for Sustainable Development
World Bank's April 2024 update: South Asia remains the fastest-growing region, driven by India. Challenges include low private investments and job creation.
ECONOMY | FINANCE
04 April 2024
In its latest April 2024 South Asia Development update, the World Bank has said South Asia is expected to remain the world’s fastest-growing region, thanks to robust growth in India. The output growth is projected at 6.0 - 6.1% for the region and 7.5 - 6.6% for India, in the period 2024-25.
However, this strong outlook is deceiving because most countries' growth remains below pre-pandemic levels and is more dependent on public spending than elsewhere. Furthermore, private investment remains low, and the region is unable to create enough jobs to keep up with its rapidly growing working-age population.
To make growth more resilient and sustainable, countries must implement policies that encourage private investment and promote employment growth. Measures to stimulate firm growth and employment will help lift growth and productivity while freeing up funds for governmental expenditures in climate adaptation.
Image/Data Source: worldbank