India and other countries of South Asia are going to record the most miserable growth domestic output in the last four decades. This worst economic crash is due to the diffusion of coronavirus.
South Asian region consists of eight nations. As per World Bank reports, during this financial year, economic growth will be between 1.7 percent to 2.8 percent.
India is the biggest economy in the South Asia Region. During this financial year that began from 1 April 2020, India’s growth expectation is at 1.8 percent to 3 percent.
The World Bank predicts other nations too apart from India. As per reports, Sri Lanka, Bangladesh, Nepal, and Bhutan are also going to observe a fall in their economic growth. This leads the whole region towards the worst financial crash.
The country-based data is available with the World Bank. The report claims that the remaining three countries i.e., Maldives, Pakistan, and Afghanistan, are going to witness the worst economic crash too. It may result in a recession for these economies.
Measures taken to prevent the widespread of coronavirus have stopped the supply chain. So far, more than 15,000 cases of positive coronavirus are reported.
India, the dominant economy in South Asia is witnessing complete lockdown for 21-days as of now. The government is planning to extend lockdown for another two weeks. Till now, India has announced a relief package of $23 billion to boost the economy.
The priorities of South Asian Countries are: