New Delhi: The World Bank has said that due to the coronavirus epidemic, economic growth will be worst in the countries of South Asia including India in the current financial year and it will break the record of last 40 years.
On Sunday, a report based on the economy of South Asia by the World Bank said that in eight countries of South Asia, economic growth will be from 1.8% to 2.8% in the financial year starting April 1. This is much lower than the 6.3 per cent growth projected six months ago.
India’s economic growth projected to be between 1.5% to 2.8%
The World Bank has said that the Indian economy is the largest in the region and it is expected to grow from 1.5 per cent to 2.8 per cent in the current financial year. However, the bank has predicted economic growth of 4.8 to 5 per cent in the financial year 2019-2020 ended on 31 March 2020. The World Bank report says that the signs of recovery that are visible in India at the end of 2019 have ended due to this global crisis.
There will be recession in Pakistan, Afghanistan and Maldives
The World Bank report predicted that the economic growth of Sri Lanka, Nepal, Bhutan and Bangladesh would fall sharply due to the Corona crisis. At the same time, there is a crisis of recession in Pakistan, Afghanistan and Maldives.
The World Bank has made this report based on the data of all countries till 7 April. The report said that the measures taken to prevent corona infection have affected the supply chain across South Asia. As of April 7, there were about 13,000 cases of corona infection in these countries, which is much lower than in other parts of the world.
130 crore people of India forced to stay at home due to lockdown
The report says that due to the ongoing lockdown in India, about 130 crore people are forced to live in homes and the work of millions has been left. All types of businesses, small and big, have been affected by the lockdown and migrant workers have left the villages and moved to their villages. The report says that if this lockdown is carried forward, the economy in the region will suffer a major setback.
Banks and governments have taken many measures
The World Bank report states that banks and governments have taken several steps to mitigate the economic effects of Corona. While the government has made several announcements for unemployed migrant laborers, banks have given a variety of relief on business and personal loans.
The Government of India has announced a relief package of 1.7 lakh crores to help the people affected by the lockdown. At the same time, neighboring country Pakistan has announced a package of 45 thousand crores to support the economy.
In the report, senior World Bank official Hurtwiz Shaffer has said that governments in countries of South Asia should focus on preventing the infection of the virus and protecting their people. Particular attention should be paid to such poor people whose health and economic condition has affected the epidemic.