NEW DELHI (AP) — South Asia is expected to grow by 5.8% this year, making it the fastest-growing region in the world even as the pace remains below pre-pandemic levels, the World Bank said on Tuesday.
At almost 6% this year, the region is growing faster than all other emerging markets, said Franziska Ohnsorge, the organization's chief economist for South Asia.
“While high inflation and interest rates have bogged down many emerging markets, South Asia seems to be forging ahead,” the World Bank noted in its report.
Per capita incomes in South Asia are around $2,000 — one-fifth of the level in East Asia and the Pacific region.
Ohnsorge said that governments in South Asia could improve fiscal conditions by seizing on opportunities for energy transition, which could create jobs, reduce reliance on energy imports and cut pollution levels.
Persons:
Franziska Ohnsorge, ” Ohnsorge, Ohnsorge
Organizations:
DELHI, World Bank, IMF, Bank
Locations:
South Asia, Asia, East Asia, India, Maldives, Nepal, Sri Lanka, South