South Asia Economic Focus, Fall 2019 : Making (De)centralization Work

Global GDP growth is decelerating, while trade and industrial production are stagnating. The slowdown has been severe in South Asia, which in recent quarters was no longer the fastest growing region in the world. In most South Asian countries, growth is expected to be below long-run averages this ye...

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Main Author:	World Bank
Format:	Serial
Language:	English
Published:	Washington, DC: World Bank 2019
Subjects:	ECONOMIC GROWTH ECONOMIC POLICY ECONOMIC RISKS EXTERNAL VULNERABILITY FISCAL POLICY INFLATION AND PRICES INVESTMENT MACROECONOMIC DEVELOPMENT AND OUTLOOK TRADE
Online Access:	http://documents.worldbank.org/curated/en/111541571218505623/South-Asia-Economic-Focus-Fall-2019-Making-De-centralization-Work http://hdl.handle.net/10986/32515

id	okr-10986-32515
recordtype	oai_dc
spelling	okr-10986-325152021-04-23T14:05:14Z South Asia Economic Focus, Fall 2019 : Making (De)centralization Work World Bank ECONOMIC GROWTH ECONOMIC POLICY ECONOMIC RISKS EXTERNAL VULNERABILITY FISCAL POLICY INFLATION AND PRICES INVESTMENT MACROECONOMIC DEVELOPMENT AND OUTLOOK TRADE Global GDP growth is decelerating, while trade and industrial production are stagnating. The slowdown has been severe in South Asia, which in recent quarters was no longer the fastest growing region in the world. In most South Asian countries, growth is expected to be below long-run averages this year but there is significant diversity evident in the high frequency data of industrial production. Current account deficits have declined, as is often the case during economic downturns. Inflation remains near target in most countries, but food price inflation is picking up. Growth forecasts for South Asia are revised downward considerably as uncertainty in global markets and a worsening global outlook have become more important drivers of the forecast. The expected modest recovery to 6.3 percent in 2020 and 6.7 percent in 2021 is tentative as forecasts under current circumstances, particularly for investment, are highly uncertain. In many countries across the region, further decentralization is a high policy priority. These policies are part of a global decentralization trend, which aims to improve local service delivery. Empirical evidence of the effectiveness of decentralization is mixed, a result which is often attributed to partial decentralization. Successful development requires both decentralization and centralization at the same time. In the interplay between central and local governments, the allocation of resources plays a crucial role. In South Asia, a lack of geospatial data on expenditure and development outcomes remains a major constraint. 2019-10-08T19:20:43Z 2019-10-08T19:20:43Z 2019-10-13 Serial http://documents.worldbank.org/curated/en/111541571218505623/South-Asia-Economic-Focus-Fall-2019-Making-De-centralization-Work 978-1-4648-1515-7 http://hdl.handle.net/10986/32515 English CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank Washington, DC: World Bank Publications & Research Publications & Research :: Publication South Asia South Asia Afghanistan Bangladesh Bhutan India Maldives Nepal Pakistan Sri Lanka
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English
topic	ECONOMIC GROWTH ECONOMIC POLICY ECONOMIC RISKS EXTERNAL VULNERABILITY FISCAL POLICY INFLATION AND PRICES INVESTMENT MACROECONOMIC DEVELOPMENT AND OUTLOOK TRADE
spellingShingle	ECONOMIC GROWTH ECONOMIC POLICY ECONOMIC RISKS EXTERNAL VULNERABILITY FISCAL POLICY INFLATION AND PRICES INVESTMENT MACROECONOMIC DEVELOPMENT AND OUTLOOK TRADE World Bank South Asia Economic Focus, Fall 2019 : Making (De)centralization Work
geographic_facet	South Asia South Asia Afghanistan Bangladesh Bhutan India Maldives Nepal Pakistan Sri Lanka
description	Global GDP growth is decelerating, while trade and industrial production are stagnating. The slowdown has been severe in South Asia, which in recent quarters was no longer the fastest growing region in the world. In most South Asian countries, growth is expected to be below long-run averages this year but there is significant diversity evident in the high frequency data of industrial production. Current account deficits have declined, as is often the case during economic downturns. Inflation remains near target in most countries, but food price inflation is picking up. Growth forecasts for South Asia are revised downward considerably as uncertainty in global markets and a worsening global outlook have become more important drivers of the forecast. The expected modest recovery to 6.3 percent in 2020 and 6.7 percent in 2021 is tentative as forecasts under current circumstances, particularly for investment, are highly uncertain. In many countries across the region, further decentralization is a high policy priority. These policies are part of a global decentralization trend, which aims to improve local service delivery. Empirical evidence of the effectiveness of decentralization is mixed, a result which is often attributed to partial decentralization. Successful development requires both decentralization and centralization at the same time. In the interplay between central and local governments, the allocation of resources plays a crucial role. In South Asia, a lack of geospatial data on expenditure and development outcomes remains a major constraint.
format	Serial
author	World Bank
author_facet	World Bank
author_sort	World Bank
title	South Asia Economic Focus, Fall 2019 : Making (De)centralization Work
title_short	South Asia Economic Focus, Fall 2019 : Making (De)centralization Work
title_full	South Asia Economic Focus, Fall 2019 : Making (De)centralization Work
title_fullStr	South Asia Economic Focus, Fall 2019 : Making (De)centralization Work
title_full_unstemmed	South Asia Economic Focus, Fall 2019 : Making (De)centralization Work
title_sort	south asia economic focus, fall 2019 : making (de)centralization work
publisher	Washington, DC: World Bank
publishDate	2019
url	http://documents.worldbank.org/curated/en/111541571218505623/South-Asia-Economic-Focus-Fall-2019-Making-De-centralization-Work http://hdl.handle.net/10986/32515
_version_	1764476703652970496

South Asia Economic Focus, Fall 2019 : Making (De)centralization Work

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