The World Bank (WB) has projected five percent economic growth rate of Nepal for the fiscal year, 2024/25.
Issuing a 'Global Economic Prospectus, 2024', the WB estimated positive development in economic status in 2024/25 as compared to the previous year. However, in the current fiscal year, the economic growth rate will remain 3.9 per cent.
The economic growth rate is expected with improvement in industry and service sectors. Similarly, flexible monetary policy and lift on ban of selected import will contribute positively, the WB said.
Moreover, the pressure the global economy is undergoing will continue in 2024 as well.
In the global scenario, tight monetary policies adopted by central banks of large economies, and world trade and investment waiting for smooth recovery are behind low economic growth rate.
Similarly, inflation and high interest rate are to impact adversely on consumers and monetary market.
The global economic growth rate is projected at 2.4 percent in 2024.
