South Asia faces its worst economic performance in 40 years

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South Asia faces its worst economic performance in 40 years
South Asia faces its worst economic performance in 40 years

Due to this corona pandemic most of the country faces severe crisis in economic, in the line south Asia was also affected severely.

The effects will unravel decades of progress in the region’s battle against poverty.

Economies such as India, Bangladesh, Sri Lanka, and Pakistan have reported relatively few virus cases but experts fear they could be the next hotspots.

The South Asia region is home to 1.8bn people and some of the world’s most densely populated cities.

“South Asia finds itself in a perfect storm of adverse effects. Tourism has dried up, supply chains have been disrupted, demand for garments has collapsed and consumer and investor sentiments have deteriorated,” said the World Bank

It has slashed its growth forecast for the region this year to 1.8% to 2.8% from its original projection of 6.3% made before the virus outbreak. At least half the countries in this region could fall into “deep recession”.

The worst hit economy will be the Maldives, a nation of small islands in the Arabian Sea where the collapse of high-end tourism could see its economic output shrink by as much as 13%, warned the World Bank.