Nepal’s Economy to Grow by 5 Percent in 2024: World Bank

January 11, 2024 | Investopaper

The World Bank has forecasted a five percent economic growth rate for Nepal, as indicated in the ‘Global Economic Prospects, January 2024’ report. This projection suggests a positive upturn in Nepal’s economic performance compared to the previous year when the growth rate was reported at 3.9 percent.

The expected improvement in Nepal’s industrial and service sectors is anticipated to contribute to a slightly higher economic growth rate in the upcoming year. Factors such as a flexible monetary policy and the removal of import restrictions are expected to create a more favorable economic environment compared to the current situation.

Inflation and elevated interest rates are projected to influence both consumer and monetary markets throughout the year. On a global scale, the world economy is expected to grow by 2.4 percent in 2024. India’s economic growth is expected to be a 6.4 percent this year, following the 6.3 percent growth rate achieved in the previous year.

The World Bank’s report also highlights a global trend of economic relaxation continuing into 2024. However, due to stringent monetary policies in major economies and the lingering impact of the global trade and investment disruptions, a lower economic growth rate is anticipated.


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