The report said that
Andrew Steer, World Bank Acting Chief Economist for the South Asia Region said, “Over the past fifteen years the region has become much more open-and it appears that the form of openness it has chosen has provided resilience in the face of recent shocks……Financial systems proved to be robust with limited exposures to overseas subprime markets. Remittances, exports of goods and services such as in the IT and garment sectors, and foreign direct investments kept up during the crisis. At the same time, policy response in most countries played a key role in boosting confidence and accelerating recovery."
Ernesto May, Sector Director for Economic Policy for the South Asian Region said that the region is facing a very different global economy over the medium term. He said that out of the current crisis, a “new normal” would emerge as developing countries are saving more and spending less. Countries like