South Asia is considered one of the least integrated regions across the globe; yet in recent years, international organizations, such as the World Bank, are implementing strategies to unite the nations economically.
Understanding South Asia
South Asian countries consist of Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka. South Asia is considered one of the fasting growing regions within the world today, and the region is home to two very fast-growing economies.
According to the World Bank, the development of South Asia is projected to increase from 6.9 percent to 7.1 percent in the upcoming year.
Bhutan, alone, is currently the fastest growing economy — the nation reports that it will grow at a staggering annual rate of 11.1 percent. India is also one of the fastest growing economies as well, with a growth rate at about 7.73 percent from 2017-2019.
The World Bank emphasizes the importance of cooperation and trade among South Asia, and they believe that the growth rate is predicted to increase if these nations work together in harmony.
Path to Progress
Regional, economic entwinement is the way in which development of South Asia progresses — the World Bank recognizes such measures and has initiated plans in order to unify this region.
As one of the first steps, the World Bank brought approximately 100 students together at the Fourteenth South Asia Economics Students’ Meet (SAESM). Economic undergraduates discussed their academic and experimental research about regional integration and its advantages.
They also explained how to attain economic prosperity through cooperation and trade, and students developed long-lasting friendships that should unequivocally encourage future relations among South Asian countries.
‘One South Asia’
Not only has the World Bank encouraged millennials, but they also have a twofold program called “One South Asia,” which directly forms connections among South Asian countries. The first objective is technical assistance, which will offer economic opportunities to strengthen trade connections. The second goal is to increase conversation about regional integration and local investments.
They are also trying to work with both the public and private sectors. The development of South Asia begins at the engagement of all levels of the economy.
There has been many obstacles to achieve “One South Asia,” yet the World Bank is determined to merge these nations together so they are successful economically, politically and socially. The development of South Asia as a whole will be difficult, yet it is possible and can occur if the region continues on this trajectory.
The World Bank’s Influence and Steps to Development
The World Bank has many projects within South Asian nations — particularly Afghanistan, Bangladesh, Nepal, Sri Lanka and Pakistan — to improve their economies individually. Most of these initiatives create jobs and opportunities for their citizens.
Regional integration is also crucial to the development of South Asia. The only way to reach prosperity is for countries to form a union — if South Asia mirrored the European Union, the opportunities for growth within each nation are endless.
This is a challenge, yet if international organizations, governments and the citizens of South Asia work tirelessly, they will surely reach their Sustainable Development Goals.
– Diana Hallisey