360° Coverage : South Asia needs more reforms after India's slowdown: World...

11 Updates
South Asia needs more reforms after India's slowdown: World Bank
Photo Credit: , Getty Images

South Asia needs more reforms after India's slowdown: World Bank

Oct 9 2013, 10:58pm CDT | by IANS

Washington, Oct 10 (IANS) With India's slowdown having significant spillover effects to the rest of South Asia, the World Bank wants governments to work harder on reforms to raise growth in a region with the world's most poor.

Washington, Oct 10 — With India's slowdown having significant spillover effects to the rest of South Asia, the World Bank wants governments to work harder on reforms to raise growth in a region with...

Filed under: news

YouTube Videos

 
 
 

49 weeks ago

South Asia needs more reforms after India's slowdown: World Bank

Oct 9 2013, 10:58pm CDT | by IANS

Washington, Oct 10 (IANS) With India's slowdown having significant spillover effects to the rest of South Asia, the World Bank wants governments to work harder on reforms to raise growth in a region with the world's most poor.

Washington, Oct 10 — With India's slowdown having significant spillover effects to the rest of South Asia, the World Bank wants governments to work harder on reforms to raise growth in a region with the world's most poor.

With economic growth in South Asia expected to be modest this year and in 2014, the goal of ending extreme poverty by 2030 will not be attained, the Bank said in its South Asia Economic Focus report.

South Asia was the second-fastest growing region in the world in the aftermath of the global crisis, the report noted. However, its recent performance has been less stellar, and it has been sustained by potentially volatile portfolio inflows.

More stable Foreign Direct Investment (FDI) in the region is low, half that of other regions relative to GDP; inflation is twice that of other regions and fiscal deficits and debt-to-GDP ratios are high, the report said.

The report, a twice-yearly look at South Asia's economic prospects, said that despite recent volatility in international capital flows, fundamentals determining long-run growth and stability in South Asia have not changed significantly over the last 12 months.

Like other developing regions, South Asia is facing greater turbulence as markets reassess sources of global growth and risks.

"Exuberance has given way to deep pessimism, particularly in the case of India, while the underlying potential remains somewhere in-between," said Martin Rama, Chief Economist for the South Asia Region at the World Bank.

"However, short-term capital market turbulence is manageable and the return to sustainable growth in the developed world is a positive development for South Asia," he added.

India, the region's main economy, slowed down significantly to an estimated 3.2 percent real GDP growth at market prices in FY13 from 6.3 percent in the previous fiscal year.

Although partly reversed, India's rupee depreciation of around 20 percent between May and August 2013 reflected changing market sentiment toward the region and the increasing vulnerability to external shocks.

India's slowdown has significant spillover effects to the rest of South Asia, and even more so after the financial crisis of 2008, the report said.

There is a clear transmission of the global business cycle to South Asia, but also a significant effect from India on South Asian economies' GDP growth rates.

"Not only do Indian business cycle movements spill over to other economies in the region: the nature and speed of the pass through has significantly changed in the aftermath of the financial crisis of 2008," it said.

"This spillover effect adds to the direct effect that other developing countries, the US and other advanced economies have on the region," the report said.

"While India is the country most directly affected by portfolio outflows, the impact is felt across all South Asian economies," it said. "And this is so even if each country faces specific idiosyncratic challenges and shocks to economic performance."

"South Asia must return to the growth rates achieved before the global financial crisis of at least eight percent a year so that it can significantly reduce poverty," said Philippe Le Houérou, World Bank Vice President for the South Asia Region.

"South Asia is critical to the World Bank Group goals of ending extreme poverty and boosting shared prosperity by 2030 and we will work with governments in the region to overcome barriers to growth and provide greater opportunity for all."

(Arun Kumar can be contacted at arun.kumar@ians.in)

IANS

Source: IANS

 
Update
11

1 day ago

Ebola can be contained: World Bank

Sep 20 2014 9:10am CDT | Source: NEWS.com.au

THE president of the World Bank says the Ebola outbreak could be contained within months if immediate ...
Source: NEWS.com.au   Full article at: NEWS.com.au
 

 
Update
10

1 day ago

Ebola can be contained: World Bank

Sep 20 2014 9:10am CDT | Source: NEWS.com.au

THE president of the World Bank says the Ebola outbreak could be contained within months if imme ...
Source: NEWS.com.au   Full article at: NEWS.com.au
 

 
Update
9

2 days ago

In MP, annual income of families under DPIP rises to Rs 1 lakh

Sep 19 2014 8:50am CDT | Source: Business Standard

A recent review of District Poverty Initiative Project, a World Bank-sponsored project revealed that 30,000 families have reported more than Rs one l ...
Source: Business Standard   Full article at: Business Standard
 

 
Update
8

3 days ago

Africa: Raw Deal for African Women Traders

Sep 19 2014 5:39am CDT | Source: AllAfrica.com

[Africa Renewal]Daily, millions of women in Africa are engaged in one form of trade or another, either within their countries or across national borders. They buy and sell everything, from agricultural produce to manufactured products. It is mostly women who conduct cross-border trade, delivering goods and services, reports the World Bank. They also run the majority of agricultural small landholdings. Indeed, women traders' contribution to national economies has become essential ...
Source: AllAfrica.com   Full article at: AllAfrica.com
 

 
Update
7

3 days ago

Ebola Outbreak Could Devastate West African Economies

Sep 18 2014 9:42am CDT | Source: IBTimes World

World Bank says fear factor over Ebola virus could worsen impact on West African economies. ...
Source: IBTimes World   Full article at: IBTimes World
 

 
Update
5

4 days ago

France to receive first Ebola patient

Sep 17 2014 4:52pm CDT | Source: Business Insider

Paris (AFP) - France on Wednesday prepared to receive its first Ebola patient, as the World Bank warned the spiralling epidemic is threatening economic catastrophe in west Africa.Doctors Without Borders, known by its French acronym MSF, said a female volunteer had contracted the killer virus while on assignment in Liberia.France's health ministry said she "will be repatriated to France in conditions of maximum security in a dedicated air ambula ...
Source: Business Insider   Full article at: Business Insider
 

 
Update
4

4 days ago

State buys $250M in World Bank green bonds

Sep 17 2014 4:01pm CDT | Source: Sacramento Business Journal

The state of California is purchasing another round of green bonds issued by the World Bank that finance renewable energy and other climate change-related projects across the globe. The purchase announced Wednesday will be for $250 million, marking the fifth green bond deal by State Treasurer Bill Lockyer since 2009. The state’s total purchase under the World Bank’s green bond program is $1.1 billion. The state will earn 0.65 percent yield on the bonds, whic ...
Source: Sacramento Business Journal   Full article at: Sacramento Business Journal
 

 
Update
3

4 days ago

West Africa: Ebola Deals Economic Blow

Sep 17 2014 2:11pm CDT | Source: AllAfrica.com

[VOA]The World Bank Group warns that the West Africa Ebola crisis could deal a huge economic blow to Guinea, Liberia and Sierra Leone unless s ...
Source: AllAfrica.com   Full article at: AllAfrica.com
 

 
Update
2

4 days ago

Liberia: For Containment of Ebola in Liberia, Guinea and Sierra Leone - World Bank Group Approves U.S.$105 Million Grant

Sep 17 2014 1:55pm CDT | Source: AllAfrica.com

[Heritage]The World Bank Group's (WBG) Board of Executive Directors has approved a US$105 million grant to finance Ebola-containment efforts underway in Guinea, Liberia, and Sierra Leone, help families and communities cope with the economic impact of the crisis, and rebuild and strengthen essential public health systems in ...
Source: AllAfrica.com   Full article at: AllAfrica.com
 

 
Update
1

4 days ago

Africa: Ebola: Economic Impact Already Serious

Sep 17 2014 1:12pm CDT | Source: AllAfrica.com

[World Bank]Washington, DC -Largest economic impacts resulting from behavior associated with fear of contagion, not ...
Source: AllAfrica.com   Full article at: AllAfrica.com
 

 

Don't miss ...

 

blog comments powered by Disqus

Latest stories

Dry roasted peanuts may trigger allergy risk
London, Sep 22 (IANS) Dry roasted peanuts are more likely to trigger an allergy to peanuts than their raw form, suggests a study.
 
 
How to prevent depression risk among teens
New York, Sep 22 (IANS) If you wish to shield your kids from depression, driving home the point that personalities can be changed may help, a study suggests.
 
 
Chinese firm sacks 340 employees over expired meat
Shanghai, Sep 22 (IANS) The parent company of Shanghai Husi Food Co. Ltd. has announced it will sack 340 employees of the firm following an expose that it used expired meat.
 
 
Newborns have strong immune system
London, Sep 22 (IANS) Although their immune system works very differently from that of adults, babies may be able to mount a stronger immune defence than previously thought, a study suggests.
 
 
 

Latest from the Network

Dry roasted peanuts may trigger allergy risk
London, Sep 22 (IANS) Dry roasted peanuts are more likely to trigger an allergy to peanuts than their raw form, suggests a study. Specific chemical changes caused by the high temperatures of the dry roasting process...
Read more on Celebrity Balla
 
Asiad basketball: India men down Kazakhstan 81-60
Incheon, Sep 22 (IANS) The Indian men's basketball team registered their second win from three matches in the 17th Asian Games here Monday, defeating Kazakhstan 81-60 in a qualifying round Group B encounter at the...
Read more on Sport Balla
 
How to prevent depression risk among teens
New York, Sep 22 (IANS) If you wish to shield your kids from depression, driving home the point that personalities can be changed may help, a study suggests. A low-cost, one-time intervention that educates teenagers...
Read more on Celebrity Balla
 
Chinese firm sacks 340 employees over expired meat
Shanghai, Sep 22 (IANS) The parent company of Shanghai Husi Food Co. Ltd. has announced it will sack 340 employees of the firm following an expose that it used expired meat. In a statement posted on its website Monday...
Read more on Business Balla
 
Asiad volleyball: Indian women lose to Japan
Incheon, Sep 22 (IANS) The Indian women's volleyball team lost 0-3 in a Group A preliminary round match of the 17th Asian Games at the Ansan Sangroksu Gymnasium here Monday. The Indian team, which had lost to South...
Read more on Sport Balla
 
Bahrain national elections to be held in November
Manama, Sep 22 (IANS) Bahrain's national elections will be held in early November, Minister of State for Information Affairs Sameera Rajab said. An exact date for the parliamentary and municipal council elections,...
Read more on Politics Balla
 
Citizens' freedom might be restricted for security: Australian PM
Canberra, Sep 22 (IANS) The Australian government is set to introduce counter-terrorism laws to crack down on Australians fighting for militant or terrorist groups, media reported. Australians have been warned that...
Read more on Politics Balla
 
Newborns have strong immune system
London, Sep 22 (IANS) Although their immune system works very differently from that of adults, babies may be able to mount a stronger immune defence than previously thought, a study suggests. Contrary to what was...
Read more on Business Balla
 
Nicolas Cage hurt by 'snarky comments'
Nicolas Cage admits ''snarky comments'' get him down. The 'Kick-Ass' actor can't stop himself reading peoples' opinions, and revealed he sometimes cares too much and complains to his wife about what the public have said...
Read more on Movie Balla
 
Roberto Orci drops out of Power Rangers reboot
Roberto Orci has dropped out of the 'Power Rangers.' The screenwriter-and-producer has been forced to quit as executive producer in the Lionsgate and Haim Saban's upcoming big screen reboot as his 'Star Trek 3'...
Read more on Movie Balla