At least three countries including Bangladesh in South Asia are vulnerable to the second round effects of the global economic slowdown, the World Bank (WB) has said.

The countries -Bangladesh, Nepal, and Bhutan - have been mostly insulated from the first round effects of the financial crisis owing partly to sound macroeconomic management and the underdeveloped nature of the financial markets that are not exposed to international markets.

"They are however vulnerable to the second round effects of a global economic slowdown working through export earnings, tourism receipts, remittances and external financing for infrastructure," the WB said in its report on Impact of Global Financial Crisis on South Asia, released recently.