Growth in South Asia is expected to be strong at 6.0% in 2024, driven mainly by robust growth in India and recoveries in Pakistan and Sri Lanka. But persistent structural challenges threaten to undermine sustained growth, hindering the region’s ability to create jobs and respond to climate shocks, says the World Bank in its twice-a-year regional outlook.
World Bank’s Climate Change Action Plan (CCAP) for 2021-2025 aims to integrate climate and development to maximize the climate impact of its projects. The Energy Sector Management Assistance Program’s (ESMAP) Sustainable Renewables Risk Mitigation Initiative (SRMI) uses climate finance for mitigation activities that reduce emissions and increase climate resilience in the energy sector. SRMI supports countries to accelerate the deployment of renewables and decarbonize the power sector with (i) technical assistance and (ii) private investments and climate finance mobilization. SRMI has supported more than 60 countries which led to enabling 4.4 gigawatts of new renewable energy projects in 14 countries and 2 regional projects, catalyzing over $ 5.5 billion in private capital, securing $ 4 billion in public infrastructure funding and guarantees, and mobilizing $ 1.2 billion in climate finance.
Since 2021, the Meghalya Health Systems Strengthening Project with World Bank support of $40 million has been helping the north-eastern state of Meghalaya strengthen its public health system where access to quality health services, remains a challenge, particularly in rural areas. The project is expanding the design and coverage of the state’s health insurance program; improving the quality of health services through certification; and enabling efficient and improved access to medicines and diagnostics.
WASHINGTON, April 4, 2023 South Asia’s growth prospects have weakened due to tightening financial conditions, with large downside risks in most countries given limited fiscal space and depleting reserves, says the World Bank in its twice-a-year regional update. The report stresses the need to roll back market distortions introduced during the pandemic and address debilitating socioeconomic divides that constrain South Asia’s potential.
Download the latest South Asia Economic Update Spring 2023 Edition. Access data, facts, statistics and learn more about what opportunities a stabilizing global economy can create for the South Asia region and what challenges remain as countries still feel the impacts of major global and regional shocks. The report’s thematic chapter focuses on inequality of opportunity and intergenerational mobility in South Asia and how countries can ensure more equitable growth in the region. A key point, among others, highlighted in the report is securing equal opportunities of education for all.