October 8, 2021 | Investopaper
World Bank has projected that Nepal’s economic growth rate will be 3.9 percent in the current fiscal year 2078/79. As the impact of the corona epidemic on the economy is gradually diminishing with the rapid covid vaccination program, the economic growth rate will rise, as stated by the bank.
Asian Development Bank (ADB) had projected 4.1 percent economic growth this year. Despite the government’s target of 7 percent growth, World Bank has projected that Nepal will achieve growth below 4 percent.
The economic growth rate, which was negative at 2.12 percent in the fiscal year 2076/77, increased by 1.8 percent in the last fiscal year, according to the World Bank.
The Bank estimates that the overall economic growth rate in South Asia will be 7.1 percent as digitization and expansion of the service sector contribute to growth. Maldives will have the highest economic growth rate in South Asia. The projected growth rate of Maldives will be 11 percent this year, as per the World Bank.
India is projected to achieve 7.5 per cent growth, Bangladesh 6.5 per cent and Sri Lanka the lowest growth rate in South Asia at 2.1 per cent.