Economics

World Bank Warns South Asia Risks ‘Hidden Debt’ Financial Crises

Cyclists ride past closed stores in a deserted market area in Agra, Uttar Pradesh, India. — Cyclists ride past closed stores in a deserted market area in Agra, Uttar Pradesh, India.
Photographer: Anindito Mukherjee/Bloomberg

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By Suvashree Ghosh

June 29, 2021 at 4:01 AM UTC

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South Asia’s reliance on state-led development is concealing vulnerabilities to growing levels of unsustainable debt that could lead to financial crises, the World Bank warned.