World Bank raises South Asia growth forecast to 6.4% on India demand

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World Bank raises South Asia growth forecast to 6.4% on India demand - Channel News Asia

Quick Summary:

NEW DELHI/LONDON : The World Bank raised its growth forecast for South Asia to 6.4 per cent in 2024 from an earlier estimate of 6.0 per cent, citing the strength of domestic demand in India and quicker recoveries in crisis-hit countries such as Sri Lanka and Pakistan.

Sri Lanka, which is clawing its way out of a sovereign debt default and its worst economic crisis in decades, saw the biggest upward revision, with growth expected to come in at 4.4 per cent this year and 3.5 per cent in 2025.

Nepal's growth forecast was raised to 5.1 per cent from 4.6 per cent for the 2024/25 fiscal year beginning mid-July, and Bhutan's to 7.2 per cent from 5.7 per cent.