Political turmoil: Early estimate puts losses at 2.1% of GDP, says WB
It forecast that economic growth of the country would be 4.4% in FY15 after 4.1% in the previous year.
Overall economic growth in South Asia is forecast to accelerate by 2016, led by an increase in activity in India, the biggest economy in a region that has the world’s largest concentration of poor people, the bank said in a report.
In the twice-a-year South Asia Economic Focus, the World Bank said the region’s economy will expand by a real 6% in 2015 and by 6.4% in 2016 compared to 5.4% this year, potentially making it the second fastest growing region in the world after East Asia and the Pacific.
The Indian economy, 80% of the region’s output, is set to grow by 6.4% in fiscal year 2015-16 after 5.6% in 2014-15. Other countries in the region are Afghanistan, Bangladesh, Bhutan, the Maldives, Nepal, Pakistan and Sri Lanka.
“The outlook over the next years for South Asia indicates broad economic stability and a pick-up in growth with potential risks concentrated on the fiscal and structural reform side,” said World Bank Chief Economist for South Asia Martin Rama. “Future growth will increasingly depend on strong investment and export performance.”
India is benefiting from a ‘Modi dividend’, the report said, with economic activity buoyed by expectations from the newly elected government of Prime Minister Narendra Modi.
Over the next year or so, economic growth should be supported by the recovering US economy that would provide a market for Indian merchandise and service exports. Private investment is expected to pick up thanks to the government’s business orientation, and declining oil prices should boost private sector competitiveness.
But economic reforms will be needed for India to achieve its full long-term growth potential, the report argued.
Regaining political stability and with a renewed focus on growth, Bangladesh is forecast to grow by 6.2% in FY15 and an estimated 6.1% in the past fiscal year. Remittances are expected to finance higher domestic consumption, while infrastructure investments will support strong aggregate demand.
Sri Lanka is expected to continue its strong growth, at 8.2% in 2015 rising from 7.8% this year. Afghanistan is on a more fragile path, dominated by security and political concerns, after having grown by a modest 1.5% in 2013.
Published in The Express Tribune, October 9th, 2014.
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1736078136-0/Express-Tribune-(6)1736078136-0-270x192.webp "another saudi carrier to begin operations in pakistan")
Are Pakistan people so naive to understand that a 4.4% in FY15 after 4.1% in the previous year is a drop of 2.1% of GDP? Atleast this paper should have checked the figures before publishing here.
@S. S. Ahmad: @uet: @Humza: @H Chaudhry: @Blithe: Before Ik protests Pakistan was going at a GDP growth rate of 15% (highest in World) with poverty going down by 50% in the last 6 years of the Democratic rule of the two brothers (Mian Zardari Bhai Bhai). Pakistan was giving loans to poor organizations like IMF. WB & ADB and the amount of loans that were outstanding against these organizations had increased in the last one year by over $7 Billion. Their was no terrorism and Police in Model Town Lahore tried to save people from committing suicide and was able to save 100 people while 14 died as they forced the police away from them by firing on the police party that had come for their rescue. the Guinness has included Punjab in its 2014 record books where the largest number of people participated in swimming as 21 districts of the province ruled by the God fearing Shehbaz Sharif were turned into a swimming people by India at the special request of the CM Punjab so that record could be made.
@Ranjha: pls correct yourself .imran khan action of sharna has been globally condemn by media and democrats.
Ik is palying a devil role to stop chinese investment as the present government is not banking on american aid.please grow up and come out of your love for PTI
@Blithe:
It forecast that economic growth of the country would be 4.4% in FY15 after 4.1% in the previous year.
Before typing gibberish, can you do some math? How is the economic growth showing a loss of 2.5%? Even the bogus figures listed above state that the economic growth will be 0.3% higher in FY 2015 compared to FY 2014! Now, please don't tell me it was supposed to grow at 6.9% or you will be labelled as nuts.
Lord, please save us from these half literate darbaris! Ameen.
Imran Khan has caused more real loss to the economy than the amounts mentioned in his stories about corruption.
@Blithe: Typical N league behavior. If you fail at something, blame someone else and compare them to India.
how can the 5000 people living in particular area only effects the Economy ?
Thank you Imran Khan!
The sit-in started on 14th August and it has been 40 odd days. Government had 235 days prior to that which goes on to show they can blame anyone to show their incompetence. Bitter truth takes time to be swallowed.
Bravo Imran Khan for costing us a whole 2.1% of GDP growth. That's money directly taken out of the purses of poor Pakistanis.
Politicians are all about themselves. One inside PM house doesn't want to leave while there is one sitting outside trying to enter by any means. Does anyone care about the country?
Thank You Imran!
It goes to show that Imran Khan and his band of sore losers are making sure that the economy in Pakistan doesn't grow. They are determined to destabilize the country and prevent economic growth if they have to gain power. It's time for everyone to see PTI for what it is - a band of opportunists who care nothing about the country but only care about power and ego.
Thank you IK! Even India can't do the damage you are doing ! Keep it up ...