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Author: World Bank Publisher: World Bank Publications ISBN: 1464817979 Category : Business & Economics Languages : en Pages : 238
Book Description
South Asia region’s economies continue on a recovery path, with production and export having recovered to pre-COVID trend levels. But the recovery has been uneven across countries and sectors, and significant risks exist that could jeopardize short-term recovery and long-term growth. Over the short-term, low vaccination rates in most countries in the region make the population and economies vulnerable to future COVID waves and lockdowns; supply shortages due to global supply bottlenecks continue to put upward pressure on (food) inflation, especially after consumption recovers. Over the long-term, the region faces long-lasting scarring effects from the pandemic. The emergence of a new services economy creates an opportunity for the region to shift gears and to move towards a services-led development model. The importance of services has been increasing over time and got a further boost during the response to the COVID pandemic, when digital technologies became critical. This new services economy comprises not just the ICT sector, but also business and professional services that are increasingly critical inputs into manufacturing and other sectors, and digital platforms that are creating new markets. It can become the driver of development in South Asia because 1) Services are increasingly tradable and also represent a large part of value added incorporated in the exports of goods. 2) Services firms can drive productivity growth because of innovations that make their own products and other industries more efficient 3) The services sector also generates jobs and helps upgrading skills through on-the-job training. To unleash the potential of the new services economy, policy makers should rethink regulations and establish new institutions to enable 1) competition and innovation 2) increased labor mobility and up-skilling, through education and on-the job training; 3) the absorption of new services by firms and households. Governments in South Asia are addressing these new realities, but they face major challenges. With countries worldwide struggling to find an optimal institutional environment for the new services sectors, a good option for South Asia is to experiment with regulatory sandboxes.
Author: World Bank Publisher: World Bank Publications ISBN: 1464817979 Category : Business & Economics Languages : en Pages : 238
Book Description
South Asia region’s economies continue on a recovery path, with production and export having recovered to pre-COVID trend levels. But the recovery has been uneven across countries and sectors, and significant risks exist that could jeopardize short-term recovery and long-term growth. Over the short-term, low vaccination rates in most countries in the region make the population and economies vulnerable to future COVID waves and lockdowns; supply shortages due to global supply bottlenecks continue to put upward pressure on (food) inflation, especially after consumption recovers. Over the long-term, the region faces long-lasting scarring effects from the pandemic. The emergence of a new services economy creates an opportunity for the region to shift gears and to move towards a services-led development model. The importance of services has been increasing over time and got a further boost during the response to the COVID pandemic, when digital technologies became critical. This new services economy comprises not just the ICT sector, but also business and professional services that are increasingly critical inputs into manufacturing and other sectors, and digital platforms that are creating new markets. It can become the driver of development in South Asia because 1) Services are increasingly tradable and also represent a large part of value added incorporated in the exports of goods. 2) Services firms can drive productivity growth because of innovations that make their own products and other industries more efficient 3) The services sector also generates jobs and helps upgrading skills through on-the-job training. To unleash the potential of the new services economy, policy makers should rethink regulations and establish new institutions to enable 1) competition and innovation 2) increased labor mobility and up-skilling, through education and on-the job training; 3) the absorption of new services by firms and households. Governments in South Asia are addressing these new realities, but they face major challenges. With countries worldwide struggling to find an optimal institutional environment for the new services sectors, a good option for South Asia is to experiment with regulatory sandboxes.
Author: World Bank Publisher: World Bank Publications ISBN: 1464815151 Category : Business & Economics Languages : en Pages : 88
Book Description
The South Asia Economic Focus is a biannual economic update presenting recent economic developments and a near term economic outlook for South Asia. It includes a Focus section presenting more in depth analysis of an economic topic of relevance for stability, growth and prosperity in the region as well as country briefs covering Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka. It concludes with a data section providing key economic indicators for South Asia "at a glance". Overall, it aims at providing important background information and timely analysis of key indicators and economic and financial developments of relevance to World Bank Group operations and interaction with counterparts in the region, particularly during annual and spring meeting.
Author: World Bank Publisher: World Bank Publications ISBN: 1464813698 Category : Business & Economics Languages : en Pages : 78
Book Description
The South Asia Economic Focus is a biannual economic update presenting recent economic developments and a near term economic outlook for South Asia. It includes a Focus section presenting more in depth analysis of an economic topic of relevance for stability, growth and prosperity in the region as well as country briefs covering Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka. It concludes with a data section providing key economic indicators for South Asia "at a glance". Overall, it aims at providing important background information and timely analysis of key indicators and economic and financial developments of relevance to World Bank Group operations and interaction with counterparts in the region, particularly during annual and spring meeting
Author: World Bank Publisher: World Bank Publications ISBN: 1464814074 Category : Business & Economics Languages : en Pages : 98
Book Description
The South Asia Economic Focus is a biannual economic update presenting recent economic developments and a near term economic outlook for South Asia. It includes a Focus section presenting more in depth analysis of an economic topic of relevance for stability, growth and prosperity in the region as well as country briefs covering Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka. It concludes with a data section providing key economic indicators for South Asia "at a glance". Overall, it aims at providing important background information and timely analysis of key indicators and economic and financial developments of relevance to World Bank Group operations and interaction with counterparts in the region, particularly during annual and spring meeting.
Author: World Bank Publisher: World Bank Publications ISBN: 1464815666 Category : Business & Economics Languages : en Pages : 112
Book Description
The South Asia Economic Focus is a biannual economic update presenting recent economic developments and a near term economic outlook for South Asia. It includes a Focus section presenting more in depth analysis of an economic topic of relevance for stability, growth and prosperity in the region as well as country briefs covering Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka. It concludes with a data section providing key economic indicators for South Asia "at a glance". Overall, it aims at providing important background information and timely analysis of key indicators and economic and financial developments of relevance to World Bank Group operations and interaction with counterparts in the region, particularly during annual and spring meetings.
Author: World Bank Publisher: World Bank Publications ISBN: 1464817006 Category : Business & Economics Languages : en Pages : 202
Book Description
South Asia region’s economies are beginning to recover, though unevenly: economic activity in industry and export sectors have recovered to pre-COVID levels but some labor-intensive services sectors and tourism have not. Inequality has worsened on many dimensions. The process of vaccinating South Asia’s population is underway, with India taking a leading role in production. The socioeconomic benefits of vaccinating most South Asians as soon as possible outweighs the cost by multiple times, and thus justifies having public sector financing. Cracks in the primary health care system became evident since the pandemic began, and the vaccine rollout is likely to have other additional challenges such as delays in production, bottlenecks in supply chain logistics and vaccine hesitancy from some groups (which could delay the process of herd immunity). There are also tradeoffs in the priorities that should be established in deciding who gets the vaccine first.
Author: World Bank Publisher: World Bank Publications ISBN: 1464818576 Category : Business & Economics Languages : en Pages : 170
Book Description
South Asia’s growth rate has returned to pre-pandemic levels, but inflation is higher, and the Russia-Ukraine war will add to these pressures, negatively impact external balances, and exacerbate financial vulnerabilities. Higher energy prices provide an opportunity to transition to greater use of carbon pricing, consistent with a green, resilient, and inclusive development model. The theme chapter explains why gender equality has remained elusive in South Asia, and the region is unlikely to meet its 2030 sustainable development goals in this area. The COVID-19 crisis has exacerbated existing gender disparities as well as generated new ones. It is forcing a shift in priorities and funding across public and private sectors, with far-reaching effects on the well-being of women and girls. Plans for building back better after the crisis featuring large investments in digital infrastructure and green technologies have been discussed among policy makers, but gender should be a cross-cutting theme in the design of these policies.
Author: World Bank Publisher: World Bank Publications ISBN: 1464819203 Category : Business & Economics Languages : en Pages : 212
Book Description
South Asia is facing renewed challenges. The impact of the Russia-Ukraine war on food and energy prices on domestic inflation is long-lasting. Externally, countries’ current account balances deteriorate rapidly as imports rise on the back of economic recovery and rising inflation, remittances decline, and foreign capital flows out following monetary tightening in advanced economies. An economic slowdown in advanced economies and trading partners can also be a drag to the exports sector and remittances inflows, which many countries in the region depend on. These immediate challenges can translate to persistent deterrent to long-term growth and development. Higher energy prices already are changing the attitude of many countries outside the region about green transition and carbon reduction. The South Asia region is thus at a critical juncture. The theme chapter provides a deep dive into COVID-19 and migration. Migrant workers and remittances flows are important for South Asia as sources of income and means to smooth local income shocks for households, and as an important source of foreign reserves for the country. The pandemic changed the flows of migration, as some migrants had to return home and some had to stay in foreign countries due to COVID-related restrictions. The chapter studies the long-run trend of migration in the region, how COVID-19 impacted migration and remittance inflows, whether migration has (or has not) recovered, and proposes policies to address underlying problems.
Author: Publisher: ISBN: Category : Languages : en Pages :
Book Description
The South Asia Economic Focus is a biannual economic update presenting recent economic developments and a near term economic outlook for South Asia. It includes a Focus section presenting more in depth analysis of an economic topic of relevance for stability, growth and prosperity in the region as well as country briefs covering Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka. It concludes with a data section providing key economic indicators for South Asia "at a glance". Overall, it aims at providing important background information and timely analysis of key indicators and economic and financial developments of relevance to World Bank Group operations and interaction with counterparts in the region, particularly during annual and spring meeting.
Author: World Bank Publications Publisher: World Bank Publications ISBN: 1464802734 Category : Business & Economics Languages : en Pages : 74
Book Description
Gradual removal of stimulus policies continues as developed economies follow their expected path of slow but sustained recovery. After suffering from international portfolio rebalancing triggered by gradual removal of quantitative easing in the US announced in May 2013, India in particular and South Asia more broadly have managed to reduce external vulnerability. However, growth across the region continues to falter while formidable domestic challenges remain to be tackled. The overall short and medium term outlook for South Asia remains cautiously positive. External vulnerabilities are gradually giving way to domestic downside risks as primary concern for growth and macroeconomic stability. Hence, as previous regional economic updates have argued, any positive development in growth will depend on progress isolating domestic threats to and building buffers for macroeconomic stability, strengthening the investment climate, and removing infrastructure bottlenecks. Over the short and medium run, the economic fortunes of South Asian economies will depend in part on financial sector developments. In the short term the key question is how further monetary contraction in the US will affect them. Over the medium run it will be crucial to achieve more robust and efficient financial intermediation to ensure greater resilience to shocks and that resources are allocated to fund major remaining infrastructure gaps. This edition’s focus section attempts to answer the first question and sheds light on risks in the South Asian banking sector.