Reportedly a top World Bank economist said india has been relatively hit hard by the recent global slowdown resulting in its projected growth dropping to 6.0 per cent in 2019, but it's still a fast-growing economy with a lot of potential. World Bank's Chief Economist for South Asia Hans Timmer told "It's still a fast-growing economy. So even with the recent slowdown, it has growth numbers that are higher than in most countries of the world. It's still a fast-growing economy with a lot of potential".
Furthermore in its latest edition of the south Asia Economic Focus, the World Bank said that India's growth rate is projected to fall to 6 per cent this fiscal and it said the country was expected to gradually recover to 6.9 per cent in 2021 and 7.2 per cent in 2022. Further bangladesh and nepal are estimated to grow faster than india in 2019, according to the World Bank, which said that overall growth in south Asia is projected to slow down this fiscal in line with a global downward trend.
It said Pakistan's growth rate is projected to deteriorate further to a mere 2.4 per cent this fiscal year, as monetary policy remains tight, and the planned fiscal consolidation will compress domestic demand. Moreover the World Bank said in its latest report growth in south Asia is projected to fall to 5.9 per cent in 2019, down 1.1 percentage points from April 2019 estimates, casting uncertainty about a rebound in the short term. According to Timmer, the slowdown is mainly due to investor sentiment, because of the uncertainty in the world, everywhere one sees that investors are just hesitating.