South Asia remains the World’s fastest-growing sub-region as per the Asian Development Bank. In the Asian Development Outlook Supplement, ADB announced it.
ADB has predicted that the South Asian region is projected to grow by 6.8% in 2019 and 6.9% in 2020.
If we just look at Pakistan, there is a sharp drop in Pakistan’s growth as it remained at 3.3% in the past fiscal year. This is minimum Pak growth in the past 8 years, as per ADB.
There are key challenges that Pakistan is facing right now economically. From fiscal deficits to drowning foreign exchange reserves to ever-increasing debt, Pakistan is need of an economic boost.
In 2018, inflation rate increased sharply in Pakistan and it continues to do so.
According to ADB, Bangladesh is right at the top in terms of its growth speed, among the 45 Asia-Pacific nations.
In the fiscal year 2018, Bangladesh’s growth accelerated due to high public investment and better consumption demand.
The GDP growth forecast is lowered for India to 7% for the present fiscal year.
ADB said, “India is expected to grow by 7 percent in 2019 (FY20) and 7.2 percent in 2020 (FY21), slower than projected in April.”