Report warns of regional economic contraction as prolonged, broad national lockdowns persist. FMTNews Lockdown SouthAsia
People rest on the roof of a shanty during the coronavirus lockdown in Mumbai on Saturday.
India’s economy, the region’s biggest, is expected to grow 1.5% to 2.8% in the fiscal year that started on April 1. The World Bank has estimated it will grow 4.8% to 5% in the fiscal year that ended on March 31. Three other countries – Pakistan, Afghanistan and the Maldives – are expected to fall into recession, the World Bank said in the report, which was based on country-level data available as of April 7.
In the event of prolonged and broad national lockdowns, the report warned of a worst-case scenario in which the entire region would experience an economic contraction this year.
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