The World Bank has projected India’s growth rate at 7.3% for 2019 and 7.5% for 2020. The bank also noted that Indian economy has recovered from the effects of demonetisation and the Goods and Services Tax (GST). The World Bank in its twice-a-year South Asia Economic Focus report in Washington stated that growth is expected to accelerate from 6.7% in 2017 to 7.3% in 2018 and to subsequently stabilise supported by a sustained recovery in private investment and private consumption. In the India section of the report, it said India should strive to accelerate investments and exports to take advantage of the recovery in global growth. World Bank acknowledged that disruptions from demonetisation and events surrounding the implementation of the GST led to a setback in economic activity and a potentially larger negative effect on the poor and vulnerable.