{"id":64030,"date":"2021-05-08T16:47:38","date_gmt":"2021-05-08T16:47:38","guid":{"rendered":"https:\/\/websitedesigns.com.au\/elankanew\/?p=64030"},"modified":"2021-05-08T16:47:38","modified_gmt":"2021-05-08T16:47:38","slug":"south-asia-to-remain-fastest-growing-region-adb","status":"publish","type":"post","link":"https:\/\/websitedesigns.com.au\/elankanew\/south-asia-to-remain-fastest-growing-region-adb\/","title":{"rendered":"South Asia to remain fastest growing region: ADB"},"content":{"rendered":"<h1 class=\"mvp-post-title left entry-title\" style=\"text-align: center;\"><span style=\"color: #008080;\">South Asia to remain fastest growing region: ADB<\/span><\/h1>\n<p><img loading=\"lazy\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-64031 aligncenter\" src=\"https:\/\/websitedesigns.com.au\/elankanew\/wp-content\/uploads\/2021\/05\/The-Asian-Development-Bank.jpg\" alt=\"\" width=\"550\" height=\"396\" \/><\/p>\n<p><strong><span style=\"font-size: 20px; color: #800000;\">Source:<\/span><\/strong><span style=\"color: #000000;\"><a style=\"color: #000000; font-size: 20px;\" href=\"https:\/\/island.lk\/south-asia-to-remain-fastest-growing-region-adb\/\" target=\"_blank\" rel=\"noopener noreferrer\">Island<\/a><\/span><\/p>\n<p style=\"text-align: justify;\" align=\"LEFT\"><span style=\"font-size: 20px; color: #000000;\">The Asian Development Bank (ADB) last week said South Asia was likely to hang on to its fast growth despite fresh outbreaks of COVID-19, with 9.5% overall economic expansion and Sri Lanka projected to grow by 4.1% this year.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\" align=\"LEFT\"><span style=\"font-size: 20px; color: #000000;\">South Asia will have developing Asia\u2019s fastest growth this year after suffering the region\u2019s sharpest contraction in 2020. Aggregate output is forecast to expand by 9.5% in 2021, with growth tapering to 6.6% in 2022, the ADB said in its flagship Outlook report.\u00a0<\/span><\/p>\n<p align=\"LEFT\"><!--more--><\/p>\n<p style=\"text-align: justify;\" align=\"LEFT\"><span style=\"font-size: 20px; color: #000000;\">South Asia\u2019s largely reflects the performance of India, which will rebound from an 8% contraction in fiscal year 2020 and grow by 11% and 7% in this and the following fiscal year.<\/span><\/p>\n<p style=\"text-align: justify;\" align=\"LEFT\"><span style=\"font-size: 20px; color: #000000;\">\u00a0A stimulus-fuelled surge in the US \u2013 India\u2019s largest export market \u2013 will support the revival, but a severe second COVID-19 wave is threatening the recovery.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\" align=\"LEFT\"><span style=\"font-size: 20px; color: #000000;\">Economic activity in Afghanistan, Nepal, and Pakistan will also rise as tight containment restrictions are lifted, with buoyant remittances stimulating growth in Nepal and Pakistan. Sri Lanka\u2019s challenging macroeconomic situation will likely moderate growth in 2022 but is forecast to grow at 4.1% in 2021. However, this is lower than Government projections of 5.5%-6%.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\" align=\"LEFT\"><span style=\"font-size: 20px; color: #000000;\">Growth recovery is dependent on an expansive budget and stronger global demand with a marked rebound expected in the major advanced economies, as well as from a base effect following contraction in 2020.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\" align=\"LEFT\"><span style=\"font-size: 20px; color: #000000;\">\u201cGrowth is projected to slow somewhat to 3.6% in 2022. Building on growth momentum in Q3 and Q4 2020, the Purchasing Managers\u2019 Index, a leading indicator of economic activity, moved strongly into expansionary territory above 50 in the three months to March 2021, with manufacturing above 60 and services in the high-50s,\u201d the report said.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\" align=\"LEFT\"><span style=\"font-size: 20px; color: #000000;\">Growth will benefit in the near term from increased private consumption as pent-up demand is released, and consumption and investment will benefit from low interest rates and ample liquidity.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\" align=\"LEFT\"><span style=\"font-size: 20px; color: #000000;\">Progress on the Colombo Port City special economic zone is expected to foster Foreign Direct Investment, as does development in the Hambantota Industrial Zone. The Government\u2019s reform priorities include deregulation to simplify governance structure, improvements to the Judiciary, Customs efficiency, financial sector regulation, and effective land use.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>South Asia to remain fastest growing region: ADB Source:Island The Asian Development Bank (ADB) last week said South Asia was likely to hang on to its fast growth despite fresh outbreaks of COVID-19, with 9.5% overall economic expansion and Sri Lanka projected to grow by 4.1% this year.\u00a0 South Asia will have developing Asia\u2019s fastest [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":64031,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"aside","meta":{"footnotes":""},"categories":[20],"tags":[34440],"class_list":{"0":"post-64030","1":"post","2":"type-post","3":"status-publish","4":"format-aside","5":"has-post-thumbnail","7":"category-articles","8":"tag-the-asian-development-bank","9":"post_format-post-format-aside"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.7.1 (Yoast SEO v25.9) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>South Asia to remain fastest growing region: ADB<\/title>\n<meta name=\"description\" content=\"The Asian Development Bank (ADB) last week said South Asia was likely to hang on to its fast growth despite fresh outbreaks of COVID-19\" \/>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" 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