South Asia Could Potentially Benefit from Globalization Backlash: World Bank

WASHINGTON, April 16 (NsNewsWire) — Possible protectionism in advanced economies should not deter export-oriented growth in South Asia, a region that could even benefit from the backlash against globalization, a new World Bank report said today. The report also confirms that South Asia remains the fastest-growing region in the world, gradually widening its lead relative to East Asia. Regional GDP growth is expected to rise from 6.7 percent in 2016 to 6.8 percent in 2017, and 7.1 percent in 2018.

The just released edition of the twice-a-year South Asia Economic Focus explores whether South Asian countries should worry about mounting protectionist pressures. This report, Globalization Backlash, claims that global integration has been good for economic development and poverty reduction, but finds that the region would be resilient to higher trade barriers in advanced economies.

The economy in Bangladesh has weathered global uncertainties well aided by strengthening investment and a recovery of exports. Growth will be sustained at 6.8 percent in 2017, coming slightly down from 7.1 percent in 2016 and with a decelerating information rate and a budget deficit that has narrowed. Infrastructure gaps and inadequate energy supply, combined with the high cost of doing business, remain the main obstacles to the realization of Bangladesh’s growth potential.

Please read the full text of The Global Times editorial piece by visiting http://www.globaltimes.cn/content/1042509.shtml