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Nepal’s economic growth rate to remain at 5.1 percent


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2023 Jan 12, 8:47, Kathmandu
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Nepal’s economic growth rate would remain at 5.1 percent in the fiscal year 2022/23 and 4.9 percent in 2023/24, a report reveals.

The ‘Global Economic Prospect Report’ released by the World Bank (WB) on Tuesday has come up with the forecast. The WB also estimated that Nepal’s economic growth rate would estimably be 5.8 percent in fiscal 2021/22.

As per the WB’s estimation, the economic growth rate would be slashed not only in Nepal but also across the globe.

According to the report, the global economic growth rate would be squeezed to 1.7 percent in the year 2023 which is 1.3 percent lower than the earlier estimate.

Six months before or in June this year, the WB had made a public estimation of a global economic growth rate of 3.0 percent. In the year 2024, the global economic growth rate would remain at 2.7 percent.

The ongoing war between Russia and Ukraine and COVID pandemic has been considered the main causes behind the lower economic growth rate, the economic prospect report noted.

The high price hike, high-interest rate, and disruption in the supply chain have been identified as other causes behind the fall in the economic growth rate.

The WB report further stated that “The estimation of economic growth rate for the year 2023 is the third big recession in the last three decades”.

According to the report, India would see an economic growth rate of 6.6 percent in fiscal 2023 and 6.1 in fiscal 2024. Likewise, Pakistan would witness an economic growth rate of 2.0 percent in the fiscal year 2023 and 3.2 in 2024. Bangladesh would have an economic growth rate of 5.2 percent in the fiscal 2023 and 6.2 percent in 2024, the WB report reveals. ---

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nepal economic growth remain at 5.1 percent Global Economic Prospect Report
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