Pandemic, war impeded South Asian growth

South Asian economic growth and poverty reduction process was impeded by the pandemic and Russia-Ukraine war, says Rahul Anand, division chief of International Monetary Fund's (IMF) Asia and Pacific department and Bangladesh mission chief. 

His comments came at a discussion on a book, "South Asia's Path to Resilient Growth" at the finance division in the capital yesterday.

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Over the past two decades, the number of people in extreme poverty declined from 500 million to fewer than 250 million in Bangladesh, Bhutan, India, the Maldives, Nepal and Sri Lanka, he said. Per capita income during this time has doubled, he said.

However, the pandemic and war's economic repercussions have slowed down the fight against extreme poverty and impeded the economic growth, he said.

About the book, he said it tackles these headwinds, first setting the stage by reviewing South Asia's experience during the pandemic and economic impact, and the post pandemic recovery marked by challenges.

The other part of the book shows how policies can make growth more resilient, covering a wide range of topics including the expenditure needs to meet the Sustainable Development Goals, improving equity through labour market and social protection reforms and gender policies, he said.

The session was chaired by Fatima Yasmin, senior secretary to the finance division, while Kabirul Ezdani Khan, additional secretary to the ministry, also spoke.