Nepal has also been a surprising leader and has had robust growth in recent years, with agriculture exceeding expectations, especially in rice production. South Asia Economic Focus, Fall 2017 : Growth Out of the Blue World Bank (2017-10-08) For eight consecutive quarters South Asia was the fastest-growing region in the world… but not anymore. ", IMF, Growth rate of real gross domestic product (GDP) of selected South Asian countries from 2015 to 2019 with forecasts from 2020 to 2021 Statista, https://www.statista.com/statistics/620990/gross-domestic-product-growth-rate-in-south-asia-2017/ (last visited March 14, 2021), Growth rate of real gross domestic product (GDP) of selected South Asian countries from 2015 to 2019 with forecasts from 2020 to 2021, Gross domestic product (GDP) of selected global regions 2020, GDP of the main industrialized and emerging countries 2020, Countries with the highest gross domestic product (GDP) 2030 - forecast, Share of global regions in the gross domestic product 2020, Share of the main industrialized and emerging countries in the GDP 2020, Countries with the largest proportion of global gross domestic product (GDP) 2020, Unemployed persons in selected world regions 2020, Unemployment rate in selected world regions 2020, Unemployment rates in major industrial and emerging countries 2017, Countries with the highest unemployment rate, Number of young unemployed people worldwide until 2019, Global youth unemployment rate until 2019, Inflation rate in selected global regions in 2020, Inflation rate of the main industrialized and emerging countries 2020, Countries with the highest inflation rate 2020, Countries with the lowest inflation rate 2020, The 20 countries with the highest trade surplus in 2019, The 20 countries with the highest trade balance deficit in 2019, Countries with the highest population growth rate 2017, GDP growth in the leading industrial and emerging countries 2nd quarter 2020, Monthly unemployment rate in industrial and emerging countries August 2020, Monthly inflation rate in industrial and emerging markets 2020, Global Purchasing Manager Index (PMI) of the industrial sector August 2020, ifo World Economic Climate Index 4th quarter 2019, Consumer confidence worldwide from Q4 2014 to Q4 2016, Intrastate conflicts in East/Southeast Asia 1989-2011, by country, Fatalities in intrastate conflicts in East and Southeast Asia 1989-2011, by country, Value of Indian trade with South Asian countries 2016, Number of under-five child deaths in South Asia, 1970 to 2010, Net migration rates in South Asia 2010-2015, by country, Total fertility rates in South Asia 2010-2015, by country, Statutory retirement age in South Asia 2015, by country and gender, South Asia - composition of municipal waste 2025, Under-five child mortality rate in South Asia, 1970 to 2010, GDP growth rate East Asia 2020-2021, by country or region, GDP growth rate SEA 2020-2021, by country, Gross domestic product (GDP) growth rate in Benin 2025, Consumer expectations on the Brazilian economy 2018-2019, Gross domestic product (GDP) growth rate in Marshall Islands 2025, Gross domestic product (GDP) growth rate in Georgia 2025*, Gross domestic product (GDP) growth rate in Taiwan 2025, Gross domestic product (GDP) growth rate in the BRIC countries 2025, Gross domestic product (GDP) growth rate in the Arab world 2019, Government spending in European countries, Languages and education in the United Kingdom, Find your information in our database containing over 20,000 reports, Tools and Tutorials explained in our Media Centre, India had a GDP of over 2.87 U.S. dollars. South Asian countries are expected to continue a strong growth trajectory in coming years--up to 6.7% is projected by the World Bank in 2021. South Asia economic growth to expand in 2020 GDP in South Asia should expand robustly in 2021, as the impact of the pandemic on domestic activity across the region fades and a strong recovery in global demand boosts exports. World Bank cut its growth forecast for South Asia this year to between 1.8% and 2.8% -- from an earlier estimate of 6.3%; India is expected to grow by only 1.5% to 2.8% this fiscal year and over 1 Mio. However, South Asia is poised to have its worst economic … In fact, the World Bank reports that between 2013 and 2016, growth in South Asian countries increased from 6.2% to 7.5% while growth rates of other developing nations remained flat or even turned negative. The country’s central bank slashed interest rates in 2019, but … Chart. Thus, the regional recovery will be … With a projected growth rate of just under 7%, the South Asian region has all it takes to be the next bright spot in the global economy. 16, pp. While once thought that the tourism industry would continue to scale up in Sri Lanka, terror bombings in April of 2019 have deterred guests from visiting the small island country. It focuses on the economic conditions of Association of Southeast Asian Nations (ASEAN) member countries: Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Viet Nam. South Asia economic growth for 2017 was $3,347.02B, a 14.45% increase from 2016. The offers that appear in this table are from partnerships from which Investopedia receives compensation. Register in seconds and access exclusive features. From the viewpoint of economics, the high population growth in South Asia has slowed down economic growth, increased the foreign trade imblance, and worsened poverty. Fry, Maxwell J. share of people living below the poverty line. South Asia economic growth for 2019 was $3,597.97B, a 4.39% increase from 2018. In contrast, most Asian economies experienced a temporary slowdown in their rates of economic growth, particularly Japan, Taiwan, South Korea, and China, resuming their normal growth soon after. The economy is growing at its fastest pace. South Asia has almost one half of the world’s poor even though it has only 20% of the world’s population. South Asia economic growth for 2016 was $2,924.36B, a 8.42% increase from 2015. While based on McKinsey, there are three global trends worth capitalizing for Southeast Asia. Gross domestic product (GDP) growth in Emerging Asia – Southeast Asia, China and India – has held up in 2018 despite external and domestic headwinds. Afghanistan has one of the lowest growth rates of all South Asian countries, at less than 3%. Executive Summary An assessment of recent economic growth Economic growth in India, Pakistan and Bangladesh, the three largest economies of South Asia, jumped from an average of 5 percent in the 1990’s to well above that in 2000-2008. The Economic Outlook for Southeast Asia, China and India is a regular publication on regional economic growth, development and regional integration in Emerging Asia. You can only download this statistic as a Premium user. KEY POINTS. The outlooks for Asian economies have further deteriorated in the last three months as the coronavirus pandemic has continued increasing. A paid subscription is required for full access. The South Asia Economic Focus report estimates that regional growth is likely to fall to between 1.8 and 2.8% in 2020, a steep drop from the 6.3% projected six months ago. In Southeast Asia, economic development was fueled by the growth of the bamboo network. Việt Nam to take the lead in economic growth in Southeast Asia: Nikkei Asia. GDP in South Asia should expand robustly in 2021, as the impact of the pandemic on domestic activity across the region fades and a strong recovery in global demand boosts exports. Rampant population growth should be a major concern for many countries in South Asia, if only because of the massive strain it will have on the economy, food resources, water supplies and the environment. The strongest economies in South Asia at the moment are Bangladesh, India, and Nepal. South Asia’s economic outlook is grim The region is set to plunge in 2020 into its worst-ever recession as the devastating impacts of COVID-19 on South Asian economies linger on. IMF. The projections go further as far as showing a 3¾ % in 2018, easing slightly in 2019. In the coming years, the World Bank expects countries in South Asia to continue this growth trajectory, estimated at 6.3 percent in 2020 and 6.7 percent in 2021. Though the large nations in the region, India and Pakistan, have successfully managed to increase their trade share with East Asian and Sub-Saharan African nations in recent times, a lot of potential with other developing nations still remains untapped. this improvement, but whether South Asian exports would be targeted is still unclear. A study by the UK thinktank the Centre for Economics Business and Research (CEBR) suggests that “India could become the world's third-largest economy after 2030,” and together with Brazil it could lead to "France and Italy kicked out of the exclusive G8 group” in the next 15 years. Recently, India has managed to attract foreign investments, liberalized FDI in key sectors like defense, real estate, railways, and insurance, and progressed towards energy efficiency. It focuses on the economic conditions of Association of Southeast Asian Nations (ASEAN) member countries: Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Viet Nam. The region generally has stable governments that have introduced supportive policies to facilitate international investments and helped improve investor sentiment. Gross domestic product (GDP) is the monetary value of all finished goods and services made within a country during a specific period. The Economic Toll of Covid-19 on Southeast Asia: Recession Looms as Growth Prospects Dim. In the Maldives, GDP growth has been driven by strong tourism, especially from Europe, China, and India. "Growth Rate of Real Gross Domestic Product (Gdp) of Selected South Asian Countries from 2015 to 2019 with Forecasts from 2020 to 2021. However, in recent years India's GDP growth has weakened from a slowing economy, some inflation in the food industry, and declining oil prices. In the past, South Asia enjoyed robust economic growth, which typically exceeded 6% on average. South Asia Brief South Asia’s Year in 10 Charts A look back at the biggest political and economic shifts in the region. Following the outbreak of the coronavirus we have cut our 2020 GDP growth forecast for the South East Asia region by 0.3ppt to 4.2% on the back of weaker tourism, regional supply disruptions and softer household spending. The report said that overall, it expects Southeast Asia's GDP growth to contract by 4.2 per cent in 2020. As a Premium user you get access to background information and details about the release of this statistic. Mostly, the Central Bank of Sri Lanka intervened with policy reforms after a period of low growth to boost its private sector. ***Bangladesh's data are reported on a fiscal year basis. With increased capital inflows, the current account deficit of the majority of South Asian nations has reduced. In the past, South Asia enjoyed robust economic growth, which typically exceeded 6% on average. Then you can access your favorite statistics via the star in the header. [47] The Arab Spring and the ensuing civil unrests since 2011 had caused economic malaise in Syria , Lebanon and Yemen , amongst the most adversely affected nations in the Middle East. KUALA LUMPUR, Dec 23 — Prolonged lockdowns and social distancing measures are forecast to cap global gross domestic product (GDP) growth this year, making it unlikely that a return to pre-Covid-19 economy growth and trade activity to take place before late 2021. Almost all of these nations are net importers of commodities. Countries with the largest gross domestic product (GDP) per capita 2020, Countries with the largest gross domestic product (GDP) 2020, The 20 countries with the lowest gross domestic product (GDP) per capita in 2020. The decline in economic growth could reach an average of 8.8% per year by 2100. Weak domestic demand is hurting growth, but … In fact, European guests accounted for about half of arrivals and grew by 16.5% in 2019. Overview and forecasts on trending topics, Key figures and rankings about brands and companies, Consumer insights and preferences in various industries, Detailed information about political and social topics, All key figures about regions and countries, Everything you need to know about Consumer Goods, Identify market potentials of the digital future, Technology Market Outlook BTN (Bhutanese ngultrum) is the national currency for the Kingdom of Bhutan. When it comes to economic growth in Asia, the focus often falls on China. The strength of the rebound in economic activity over the coming quarters in Southeast Asia (SEA) remains uncertain, particularly in the fourth quarter of 2020, after the expected initial strong bounce in global trade and domestic activity post-lockdowns has faded. In fact, South Asia as a whole has remained closed off to the rest of the world, due to a lack of economic integration. India dominates the region comprising more than 70% of the geography and 80% of the economy. The primary South Asian countries include India, Pakistan, Bangladesh, Afghanistan, and Sri Lanka, as well as smaller nations including Nepal, Bhutan, and the Maldives. Google Scholar Gonzalez, A. and M. Gerrardo (1988) ‘Interest Rates, Savings and Growth in LDCs: An Assessment of Recent Empirical Research’, World Development , vol. Largely, this... Bangladesh. South Asia faces its worst economic performance in 40 years because of the coronavirus, the World Bank has said. Increasing Production in Southeast Asia. Survey shows curbing COVID and income support keys to economic recovery Accessed March 14, 2021. https://www.statista.com/statistics/620990/gross-domestic-product-growth-rate-in-south-asia-2017/, IMF. It could go even … News: Developing Asia's Economic Growth to Contract in 2020 News: ADB Forecasts 1.8% Growth for PRC in 2020 and 7.7% in 2021 News: Amid COVID-19, India's GDP to Contract by 9.0% in FY2020 Data from the Asian Development Bank (ADB) suggest that by 2050 climate change could reduce economic growth in South Asia by 1.8% per year. Published 11 March 2020 Following the outbreak of the coronavirus we have cut our 2020 GDP growth forecast for the South East Asia region by 0.3ppt to 4.2% on the back of weaker tourism, regional supply disruptions and softer household spending. Profit from additional features by authenticating your Admin account. For instance, after the Mexico-U.S. and Russia-Ukraine corridors, the Bangladesh-India corridor ranks third in the list of top migration corridors, which accounts for $4.6 billion remittances in 2015 between the two nations. In a downside scenario, where job-rich growth fails to be delivered to the growing workforce, real GDP growth would be just 5 percent. Update: February, 26/2021 - 08:35 | Cát Lái traffic junction connects HCM City with provinces in the Southeast region of Viet Nam and the Northern provinces. 1–25. facts. In Southeast Asia, economic expansion rates have remained robust although the trends by country have somewhat diverged. Global Economic Prospects: South Asia January 2021 Recent developments: The COVID-19 pandemic has caused deep output losses and contributed to a sharp rise in poverty and unemployment in South Asia. The effects will unravel decades of progress in the region's battle against poverty. Moreover, fiscal and monetary stimulus should remain accommodative, further supporting the rebound. Under a new government, Bhutan has been slowly transitioning to a new Twelfth Five-Year Plan that started in 2018 and spans until 2023. Developing Asia excluding the newly industrialized economies will also contract by 0.5%. (1998) ‘Saving, Investment, Growth and Financial Distortions in Pacific Asia and Other Developing Areas’, International Economic Journal, vol. Global debates about economic growth, poverty, state intervention, trade protection, agriculture, industry and liberalisation are heavily influenced by South Asian examples. Directly accessible data for 170 industries from 50 countries South Asia (or southern Asia) is the southern region of Asia, which is defined in both geographical and ethno-cultural terms. Please do not hesitate to contact me. Population growth is a fact of life South Asia is going to have to manage out to 2030. The comparative economic development of South Asia since independence is a fascinating story that has contributed much to our wider thinking about the economics of development. While growth in Pakistan at the end of 2019 was less than projected, a three-year program in conjunction with the International Monetary Fund aimed at stabilization and structural reform is promising to address macroeconomic issues. Please create an employee account to be able to mark statistics as favorites. Please contact us to get started with full access to dossiers, forecasts, studies and international data. Its fiscal year starts April 1 and ends March 31. This statistic is not included in your account. The ideal entry-level account for individual users. April 14, 2020. Its fiscal year starts July 1 and ends on June 30. In Southeast Asia, economic expansion rates have remained robust although the trends by country have somewhat diverged. South Korea is seen sustaining growth at around 3 percent through 2019, helped by stronger global trade and greater fiscal support, although … Although raking in the lowest growth rates in 2019, Pakistan continues to benefit from increased investments from China, and the return of Iran to international markets is expected to boost mutual trade. The effects will unravel decades of … A 1 per cent increase in the growth of energy consumption can expedite the gross domestic product growth by approximately 3 per cent in South Asia. While South Asian economies showed strong GDP growth in recent years, growth in 2019 ended up being lower than expected. As a Premium user you get access to the detailed source references and background information about this statistic. https://www.adb.org/.../booming-south-asia-driving-economic-growth-asia In South Asia, countries have grown their economies primarily through investments in infrastructure, agriculture, and manufacturing. Economic growth took a hit in much of South Asia in 2019 as the impact of the global economic slowdown was compounded by country-specific crises. Health and primary education and infrastructure have improved significantly in South Asia since 2007, but the latter remains the region’s second weakest pillar, just after technological readiness. South Asia Brief South Asia Used to Be the World’s Fastest-Growing Region. Growth rate of real gross domestic product (GDP) of selected South Asian countries from 2015 to 2019 with forecasts from 2020 to 2021 [Graph]. It added that the strength of the rebound in economic activity over the coming quarters in the region remains uncertain, particularly in the fourth quarter of 2020, after the expected initial strong bounce in global trade and domestic activity post-lockdowns has faded. While China’s economic growth is gradually slowing, GDP growth In recent years, Bangladesh has emerged as a leading manufacturer of textile … However, while many energy-hungry nations such as India have efficiently used the recent low cost of oil to stockpile huge inventories of oil for future use, rising energy prices present long-term downside risks. The Economic Outlook for Southeast Asia, China and India is a regular publication on regional economic growth, development and regional integration in Emerging Asia. Improvement in connectivity between Bangladesh and India, alongside Bhutan and Nepal, has the potential to make the sub-region an economic growth pole for South Asia and can add substantially to their gross domestic product (GDP), World Bank India Head Junaid Ahmad said on … South Asia’s biggest economy is the area of greatest concern. Quick Analysis with our professional Research Service: Content Marketing & Information Design for your projects: Industry-specific and extensively researched technical data (partially from exclusive partnerships). Afghanistan has one of the lowest growth rates of all South Asian countries, at less than 3%. This should be followed by a rebound to 5% growth in 2021. Southeast Asian economies are taking a huge hit in the global economic crisis caused by the spreading pandemic. The global GDP growth is expected to be over 3½ % in 2017. Corporate solution including all features. The regional economy is forecast to recover well in 2021 from this year’s sharp contraction The regional economy is forecast to recover well in 2021 from this year’s sharp contraction, with domestic demand set to be buoyed by an uptick in consumer and capital spending. The same assisted in building high forex reserves, as South Asia received high inflows of remittances. However, its agriculture sector continues to grow as favorable weather reverses the impacts of a drought in 2018, prompting economists to favor Afghanistan's GDP growth projections in the next few years. India’s economy, the region’s largest, is expected to contract by 9.6 percent in … The economic impact will be huge, on par with the fallout of the 1997-98 Asian Financial Crisis, or perhaps much greater. South Asia Economic Slowdown. Statista. Though South Asian Footnote 1 countries still stay behind than of world benchmarks based on most economic and social indicators, according to the average annual growth of GDP, the South Asian region experiences an average 5.4% annual growth, while the world average is only 3.1% over the recent five decades (World Bank 2017a). Investment in these areas will be vital to fully unlock economic growth. The Economic Outlook for Southeast Asia, China and India is a regular publication on regional economic growth, development and regional integration in Emerging Asia. This feature is limited to our corporate solutions. 12, pp. South Asia faces its worst economic performance in 40 years because of the coronavirus, the World Bank has said. October 30, 2020. You only have access to basic statistics. Over the past few years, South Asia has sustained a period of robust growth that has lifted up many living in poverty, and made notable strides in health and education. Over the course of 2018, economic growth in China and the entire Asia region began to slow in the 2nd quarter, and weakened further in the 2nd half of the year. Though challenges remain due to political uncertainty, bureaucratic red tape, and security concerns, the potential can increase manifolds if the nations forego their historical and geopolitical differences and present a collective front to emerge as an integrated economic powerhouse. South Asia economic growth for 2018 was $3,446.63B, a 2.98% increase from 2017. Learn more about how Statista can support your business. Despite benign global conditions, regional growth has slowed down. In recent years, Bangladesh has emerged as a leading manufacturer of textile products and become a frontrunner in South Asia. ST PHOTO: LIM YAOHUI . Under the scenario where more ambitious reforms move ahead, real GDP growth in South Asia would surpass 6.5 percent, on average, over the long-term, compared to about 6 percent under the baseline scenario. Are you interested in testing our corporate solutions? Although the WB optimistically expects South Asia to rebound to a 4.5% growth rate in 2021, it’s per capita income will be 6% lower than in 2019 due to population growth. As the trade deficit decreased, the growth in remittances grew strongly by 9.6% in 2019 to reach a record $16.4 billion. While many of these economies have a considerable share of revenues from international exports, domestic demand is expected to be the primary driver for growth in the near future. The region consists of Afghanistan, Pakistan, India, Nepal, Bhutan, Bangladesh, the Maldives and Sri Lanka. It also addresses relevant economic issues in China and India to fully reflect economic … The bamboo network refers to a network of overseas Chinese businesses operating in the markets of Southeast Asia that share common family and cultural ties. The well-formulated “Make In India” campaign has started supporting local manufacturers and attracted multinational corporations and even nations to set up manufacturing facilities in India across different industry and services sectors. After a short interlude, South Asia claimed back the leading role in global growth. It focuses on the economic conditions of Association of Southeast Asian Nations (ASEAN) member countries: Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, the Philippines, Singapore, Thailand … Domestic markets make these economies less prone to external vulnerabilities and global financial turmoil. Still, government programs are supporting cottage and small industries. Sri Lanka had slow and steady growth in 2019 at approximately 3.7% in the first quarter, mostly due to a growth in services, agriculture, and construction. • South Asian economies remain highly exposed to a wide range of shocks, in particu-lar extreme weather events and commodity price fluctuations. Risk primarily remains dependent on domestic factors and can be mitigated at the individual level in a timely manner. South Asia Economic Journal, as a refereed journal carries articles by scholars, economic commentators, policy-makers and officials, from both the private and public sectors. The report further says that South Asia is experiencing its worst-ever recession, with economic activity in the area brought “ to a near standstill”. However, the spike in Covid-19 cases in Europe and the U.S. casts a shadow over the outlook, potentially Many have come to work in South-East Asia on belt-and-road projects. The risk profile for most South Asian nations is assessed to be low, as they are commodity importing and their growth is forecasted to be driven by domestic demand. Data Source: World … As soon as this statistic is updated, you will immediately be notified via e-mail. The Four Asian Tigers define the high-growth economies of Hong Kong, Singapore, South Korea, and Taiwan. At the same time, as most South Asian countries are not huge importers of finished goods, many are involved in importing raw commodities to manufacture finished goods for export. Please authenticate by going to "My account" → "Administration". (October 30, 2020). Now It’s Facing an Economic Slowdown. Abstract PIP: South Asia, which includes Central South Asia, Southeast Asia, and Southwest Asia, had a comparatively higher population growth rate during the 30-year postwar period because of the overall backward economy and strong religious tradition. South Asia is one of the fastest-growing regions in the world, with average gross domestic product (GDP) growth projected to be 7 percent in 2015 and well above 8 percent by 2020. The economic slump in Covid-19 delivered the largest growth shock South-East Asia has seen since the Asian financial crisis in 1997, and regional growth is forecast to contract by 4.2% in 2020, according to a new report. In addition, a new $100 million project seeks to increase the economic empowerment of poor, rural women. Previously untapped, Bhutan is also building out its tourism sector, which saw a steady rise in revenue to $87.7 million in 2019. Brexit refers to the U.K.'s withdrawal from the European Union after voting to do so in a June 2016 referendum. It aims to create a vibrant research space to explore the multidimensional economic issues of concern to scholars working on South Asia. Third World is an outdated and offensive phrase historically used to describe economically developing nations. Industrialised Asia (South Korea, Hong Kong, Taiwan, Singapore and Malaysia) also decelerated. Despite slow progress on public infrastructure projects and falling gross foreign reserves, the Maldives is continuing to forecast strong growth as long as political problems don't get in the way. 589–605. In 1997 the Pakistan-based Human Development Center called the subcontinent the poorest, the most illiterate, the most malnourished, and the least gender-sensitive--indeed the most deprived- … Over the years, China has also increased its port and logistics construction in Sri Lanka. Cheaper commodities also assisted these economies with declining inflation, enabling governments to focus on infrastructure development and move ahead with much-needed economic reforms. Economic Growth and Structural Change in South Asia: Miracle or Mirage? Shortly before the onset of the global financial crisis in 2008, India’s growth Facebook: number of monthly active users worldwide 2008-2020, Smartphone market share worldwide by vendor 2009-2020, Number of apps available in leading app stores 2020, Profit from additional features with an Employee Account. regional growth is expected to contract by 7.7 percent in 2020, after topping 6 percent annually in the past five years. Secondly, the rapid population growth has overburdened the area's educational system. Additionally, the China-Pakistan Economic Corridor (CPEC), a 3,000-kilometer network of roads, railways, and oil and gas pipelines from Pakistan to China, is expected to bolster the Pakistani economy through to 2030. Southeast Asia: An Emerging Market With Digital Growth Potential. — hanoimoi.com.vn . Graduation from the ranks of least economically developed countries highlights Bangladesh’s impressive export-led growth. They are the shock troops of China’s growing economic presence. According to the latest South Asia Economic Focus Beaten or Broken? The effects of all these variables are positive and significant. India, the bellwether of South Asia, has successfully diversified its manufactured product base and enhanced its production capabilities. New, Figures and insights about the advertising and media world, Industry Outlook