In the current fiscal year, the country's GDP is projected to be limited to 3.9 percent.
According to a report released by the World Bank on Wednesday titled 'Global Economic Potential', Nepal's economic growth rate is projected to be 3.9 percent in 2022-23. The Bank has projected that Nepal's economic growth will shrink to 3.9 percent in the current fiscal year, based on an increase in agricultural productivity and some improvement in the service sector, along with an increase in the number of people vaccinated against COVID-19.
The report points out that emerging and developing economies in South Asia are heading for a recession amid new risks posed by the Covid-19 pandemic, rising inflation, debt, and inequality. It is said that the economy of some South Asian countries which are returning to their pre-epidemic state has increased the risk of being affected by another wave of COVID-19. The second major wave of Covid in mid-2021 caused huge economic losses to the world economy, the report said, adding that the world economy is projected to weaken by 2023.
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