New Delhi, Mar 23 (KNN) According to a report by Moody's Analytics released on Friday, India and other South Asian economies are poised for an economic recovery fuelled by a resurgence in tourism and higher electronics exports, providing a welcome lift from the pandemic-induced slowdown and its lingering effects.

Titled 'Global Outlook: Taking Stock', the report acknowledges that India and Southeast Asia experienced some of the largest output losses globally.

However, stronger growth in the latter half of 2023 has enabled them to regain some lost ground.

Electronic goods, constituting 6 per cent of India's total export value, witnessed significant growth in April-January of FY24, surging to USD 22.64 billion from USD 18.78 billion the previous year.

Nevertheless, India's overall export values across all commodities declined to USD 351 billion during April-January, down from USD 366 billion a year earlier, underscoring the impact of the global economic slowdown and tightening interest rates in Western nations.

Challenges such as geopolitical tensions in Ukraine and West Asia, along with trade route disruptions in the Red Sea region, have exacerbated the situation by driving up oil prices and transport costs.

(KNN Bureau)