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South Asia Economic Focus Reshaping Norms

  • IAS NEXT, Lucknow
  • 15, Apr 2022
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Reference News:-

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.