Most of South Asian Economies facing problems due to political turmoil

Bangladesh, Pakistan, Myanmar and Nepal are having very difficult times

- BY ASHIS BISWAS

n South Asia generally, the level of politics-related mass violence has been rising in recent times, causing concern among ruling parties/establishments in most countries.

The lives of millions have been impacted negatively by such violence whether in Bangladesh, Nepal, Sri Lanka, Myanmar -- or India! Moreover, worsening economic conditions during the post covid period have also emerged as a major factor contributing to existing social tensions.

Think tank experts, economists and political leaders, in Nepal, Sri Lanka and Bangladesh have expressed their worries regarding the future of democratic system of governance in the region as a whole.

Observers, analysing current political trends in big brush strokes, point to the prolonged economic crises especially in China and Europe, leading to a worldwide production loss, and declining demands among smaller countries of Africa and Asia. Some analysts maintain that the slump resulting from the Subprime economic crisis of 2008-09 in the US, had set off a general decline, the effects of which had not quite died down.

Further, prospects of a stabilisation in the world economy in the short term were hit hard by the recent outbreak of the Corona Pandemic, creating a recession-like situation in many countries. Armed conflicts broke out in Ukraine, and the Middle East, causing massive losses of lives and property. Apex level talks to resolve these battles have just begun and no one knows how long they may take.

The present situation has hit some countries harder than others. Oflate, Bangladeshi econ-

omists and political leaders have been expressing their deep concerns about the country’s future, in the medium term. When it came to performing consistently in exports or earning healthy remittances year after year, Bangladesh was well ahead of many countries, including Pakistan. In per capita GDP income terms, it had done better than India!