South Asia is expected to grow more quickly than any other region in the world this year with the World Bank forecasting a growth rate of 5.8%.

This is despite gloomy outlooks for China and East Asia which are set to grow at one of the slowest rates in five decades.

The World Bank's chief economist for South Asia, Franziska Ohnsorge, attributed the region's strong growth prospects to its young and growing workforce as well as its room for catch-up.

However, she warned that growth in the region would not be fast enough to meet regional governments' targets of reaching high-income status within a generation.

Average per capita income in the regional countries is currently about $2,000 which is only 1/12th of high-income countries.

To reach high-income status, South Asian nations would need to achieve average annual growth rates of at least 8% for several decades.

Ohnsorge said that South Asian countries need to do more to boost private investment and create jobs for their growing populations.

She also warned that the region is vulnerable to a number of challenges including climate change, weaker global demand, and high debt levels.

Despite the challenges, Ohnsorge said that there are reasons for optimism in South Asia. The region has a number of competitive advantages, including its young workforce, its growing middle class, and its strategic location.

"If South Asian countries can continue to implement reforms and attract investment, they can achieve their development goals," she said.