Despite gloomy outlooks for China and East Asia, South Asia is expected to grow more quickly than any other region in the world this year. However, the World Bank warns that growth will not be fast enough to meet regional governments' targets for high-income status.
South Asia is expected to grow more quickly than any other region in the world this year with the World Bank forecasting a growth rate of 5.8%.
Average per capita income in the regional countries is currently about $2,000 which is only 1/12th of high-income countries. Ohnsorge said that South Asian countries need to do more to boost private investment and create jobs for their growing populations.
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