look news india
There is a good news regarding the economic condition of the country. According to World Bank estimates, the country's economy will grow at the rate of 7.5 percent in the year 2024. This is 1.2 percent more than the previous estimate of the World Bank. The World Bank has also said that the countries of South Asia as a whole will also grow at a strong rate of 6 percent.
India will become the engine of development of South Asia
The World Bank has said that the overall growth rate of South Asian countries will be faster due to India's fast growth rate and the improving economy of Pakistan and Sri Lanka. The World Bank released its latest update on South Asian development on Tuesday with the above projections. According to a World Bank report, the fastest growth in the world in the next two years will be in the South Asian region. Even in the year 2025, the overall growth rate of South Asian countries is estimated to be 6.1 percent.
The World Bank has said in its report that 'India's economy is the largest in the total economy of South Asia and India's growth rate can be 7.5 percent in the financial year 2023-24. After the medium term it may return to 6.6 percent. The most important factors in India's growth rate will be the service sector and industrial growth. Bangladesh's growth rate is expected to increase to 5.7 percent in the financial year 2024-25. However, rising inflation and restrictions on trade and foreign exchange will affect the growth rate.
The economies of Pakistan and Sri Lanka are showing signs of improvement.
Pakistan, another South Asian country facing economic crisis, has shown signs of improvement in its economy. According to World Bank estimates, Pakistan's growth rate may be 2.3 percent in the financial year 2024-25. Whereas in Sri Lanka the growth rate in the year 2025 will be 2.5 percent. There are signs of tourism and money coming from abroad in Sri Lanka.
The World Bank report has also expressed concern about the growth rate of South Asian countries. “South Asia's growth rates will remain strong in the short term, but weak fiscal conditions and climate change are key risks to the region's growth rates,” said Martin Reger, World Bank Vice President for South Asia. To make growth more resilient, South Asian countries need to create policies that promote private investment and employment growth.