washington the world bank has projected a five per cent growth rate for india in the 20192020 fiscal but said it was likely to recover to 58 per cent in the following financial yearthe growth rate for bangladesh has been projected to remain above seven per cent through the forecast horizon and in pakistan it is projected to languish at three per cent or less through 2020 as macroeconomic stabilisation efforts weigh on economic activity the bank said in its latest edition of the global economic prospectsin india where weakness in credit from nonbank financial companies is expected to linger growth is projected to slow to five per cent in fiscal year 201920 which ends march 31 and recover to 58 per cent the following fiscal year the world bank said on wednesdaythe global economic growth is forecast to edge up to 25 per cent in 2020 as investment and trade gradually recover from last years significant weakness but downward risks persist it saidthe us growth is forecast to slow to 18 per cent this year reflecting the negative impact of earlier tariff increases and elevated uncertainty the euro areas growth is projected to slip to a downwardly revised one per cent in 2020 amid weak industrial activity the bank said in the reportwith the growth in emerging and developing economies likely to remain slow policymakers should seize the opportunity to undertake structural reforms that boost broadbased growth which is essential to poverty reduction world bank group vice president for equitable growth finance and institutions ceyla pazarbasioglu saidsteps to improve the business climate the rule of law debt management and productivity can help achieve sustained growth pazarbasioglu saidin the reports india section the world bank said tighter credit conditions in the nonbanking sector are contributing to a substantial weakening of the domestic demand in the countryin india activity was constrained by insufficient credit availability as well as by subdued private consumption the report statedthe bank said the regional growth in south asia is expected to pick up gradually to six per cent in 2022 on the assumption of a modest rebound in domestic demandgrowth in india is projected to decelerate to five per cent in fyfinancial year 201920 amid enduring financial sector issues key risks to the outlook include a sharperthanexpected slowdown in major economies a reescalation of regional geopolitical tensions and a setback in reforms to address impaired balance sheets in the financial and corporate sectors the report saidin india economic activity slowed substantially in 2019 with the deceleration most pronounced in the manufacturing and agriculture sectors whereas governmentrelated services subsectors received significant support from public spending the bank saidgdp growth decelerated to five percent and 45 per cent in the apriljune and julyseptember quarters of 2019 respectively the lowest readings since 2013 it saidsharp slowdowns in household consumption and investment onset the rise in government spending highfrequency data suggest that activity continued to be weak for the rest of 2019 the world bank saidthe bank in the report