Expanding Opportunities: Toward Inclusive Growth

Expanding Opportunities: Toward Inclusive Growth

A new World Bank (WB) working paper, Expanding Opportunities: Toward Inclusive Growth, has been published.

The authors focus on the analysis of the prospects for the socio-economic development of the South Asian region. Declining global commodity prices, a recovery in the services sector, and reducing disruptions in supply chains are key drivers of economic growth.

The organization estimates that in 2023 the average economic growth in the region will be 5.6%, which is 0.5% lower than the October 2022 forecast. The slowdown in growth is due to the impact of special measures introduced to overcome the consequences of the COVID-19 pandemic. Fuel subsidies, import restrictions weakened domestic demand. The tightening of monetary policy, which helped countries contain inflation, also raised domestic borrowing rates, led to a decrease in investment activity and increased pressure on the financial sector.

The WB recommends that national governments take the necessary steps to increase economic resilience and ensure inclusive development:

- improve the quality of primary education;

- expand access to secondary and higher education;

- promote the professional integration of people with disabilities;

- increase the investment attractiveness of the economy;

- reduce barriers to labor mobility.

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