International: The World Bank's latest South Asia Development Update: Taxing Times warns that South Asia's economic growth is slowing amid global uncertainty.
The collective GDP growth rate of the region is expected to drop to 5.8% in 2025, reflecting the fragile economic stability of many South Asian countries.
According to Martin Raiser, the World Bank’s South Asia Vice President, frequent economic shocks and global turbulence have weakened regional growth. A major concern is the low tax revenue collection, which limits the governments' ability to meet essential public needs.
The report highlights several key policy recommendations for strengthening tax systems, including: Preventing tax evasion. Simplifying tax regulations. Enhancing digital tax complianceI. pollution pricing for revenue growth
Experts suggest that South Asian nations must improve tax revenue collection to safeguard their economies from future crises.
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