June 10, 2021 | Investopaper
World Bank has projected economic growth of Nepal to be 2.7 percent this year. Releasing the Global Economic Prospects report on Wednesday, the bank has forecasted that the growth will be limited to 2.7 percent due to the nation-wide lockdown imposed since April 29 this year.
The second wave of the Corona epidemic has led to a lockdown across the country and the market has not been able to move. According to the Federation of Nepalese Chambers of Commerce and Industry, about 70 percent of industries and businesses across the country are closed due to the lockdown.
Nepal’s economic growth rate was at negative 2.12 percent in the previous year due to continuous lockdown in the first wave of the COVID-19 epidemic.
For the next year, World Bank has projected the economic growth of Nepal at 3.9 percent. However, the government, while presenting the ordinance budget, has set a target of 6.5 percent economic growth for the coming fiscal year.
According to the Global Economic Prospects Report, the world economy is projected to grow by 5.6 percent. In South Asia, India’s economy is projected to grow at a negative rate of 7.2 per cent, Bhutan at 1.2 per cent, Bangladesh at 3.6 per cent, Pakistan at 1.3 per cent and Sri Lanka at 3.4 per cent.