South Asia Economic Focus Reshaping Norms: A new Way Forward

South Asia Economic Focus Reshaping Norms: A new Way Forward

Part of: Prelims and GS III – Economy 

Context: The World Bank released its bi-annual South Asia Economic Focus Reshaping Norms: A New Way Forward, recently.

Key highlights 

• India is projected to grow at 8% over the current fiscal year (April 1- March 31), and 7.1% over the next (2023-24) fiscal year.
• For the South Asia region, growth is expected to be slower than projected, by 1 percentage point, at 6.6% in 2022 and 6.3% next calendar year.
• This is due to Russia’s war on Ukraine, which has impacted the region, when it was already experiencing “fragile” growth, rising commodity prices, bottlenecks to supply and financial sector vulnerabilities.

News Source: TH