Team Blitz India
THE Indian economy is projected to grow at 7.5 per cent in 2024, the World Bank has said, revising its earlier projections for the same period by 1.2 per cent.
According to the World Bank’s most recent South Asia Development Update, overall growth in South Asia is forecast to be strong at 6 per cent in 2024, driven mostly by robust development in India and recoveries in Pakistan and Sri Lanka. According to the report, South Asia is expected to remain the fastest-growing region in the world for the next two years, with growth projected to be 6.1 per cent in 2025.
“In India, which accounts for the bulk of the region’s economy, output growth is expected to reach 7.5% in FY23/24 before returning to 6.6% over the medium term, with activity in services and industry expected to remain robust,” the bank said in its report. The economy is expected to grow by 5.7% in Bangladesh in the fiscal year 2024/25. However, high inflation and trade restrictions might limit economic activity in the country.
Pakistan’s economy is forecasted to grow by 2.3% in the fiscal year 2024/25 after a contraction in the previous year. This growth is attributed to the improvement in business confidence. Similarly, Sri Lanka is expected to see a modest recovery with an output growth of 2.5% in 2025.
