India’s economic progress will turn South Asia into world’s fastest-growing region: World Bank

In its latest biennial South Asia Economic Focus report, the global body projected that the country’s growth will jump from 7.15% in 2016 to 7.3% in 2017.

India’s economic growth is projected to climb to 7.3% in 2017 from 7.15% in 2016, despite the global economic slowdown, the World Bank said in its latest biennial South Asia Economic Focus report. It added that India’s prominence in the region “sets the pace for South Asia as a whole” and will make it the world’s fastest-growing region.

Potential strong private investment, higher spending on infrastructure, as well as a better investment climate are expected to boost the country’s economic activity from 7.5% in the 2016 fiscal to 7.7% in the following financial year, PTI reported. While India’s GDP growth will be boosted by a rebound in the agriculture sector and stimulus from civil service pay reforms, the report explains that investor sentiments may be affected by delays in the implementation of key reforms.

According to World Bank South Asia Vice President Annette Dixon, the region has been “resilient to global turbulence”, but the countries continue to face fiscal and financial vulnerabilities that they should tackle through revenue generation and creation of more fiscal space.

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