COUNTRIES that seemed finally to have been on the verge of finding some form of economic stability are suddenly facing their worst slump in four decades, according to the World Bank. South Asian states such as India, Pakistan, Sri Lanka and Bangladesh are some of the most populated – and poorest – in the world. However slow but steady progress has been made in the last 40 years or so with tourism, IT and clothes manufacturing all attracting money from richer parts of the planet.
However, this good work is all endangered due to the coronavirus lockdown and slump or disappearance in demand. “South Asia finds itself in a perfect storm of adverse effects. Tourism has dried up, supply chains have been disrupted, demand for garments has collapsed and consumer and investor sentiments have deteriorated,” said the World Bank report published this week. This region is currently only reporting a low amount of virus cases, but many think that it will be the next hotspot for the deadly virus.