World Bank raises South Asia growth forecast to 6.4pc, cites quick recovery in Pakistan

The World Bank raised its growth forecast for South Asia to 6.4 per cent in 2024 from an earlier estimate of 6.0pc, citing quicker recoveries in crisis-hit countries such as Sri Lanka and Pakistan and the strength of domestic demand in India. “You have an emerging class of consumers in India that’s driving the economy forward, you have recoveries from crises in Sri Lanka and in Pakistan, you also have a tourism-led recovery in Nepal and Bhutan,” Martin Raiser, World Bank Vice President for South Asia, told Reuters. The World Bank projected Pakistan’s economy would grow by 2.8pc in the current fiscal year, which started in July, an increase from the previous estimate of 2.3pc, aided by a recovery in manufacturing and easing monetary policy.