April 1, 2021 | Investopaper
World Bank has projected that Nepal’s gross domestic product (GDP) will grow by 2.7 percent in the fiscal year 2021/22 and reach 5.1 percent in the next fiscal year. The bank has projected GDP growth based on an increase in remittance inflows.
According to the Bank’s half-yearly regional report on the South Asian economy, Bangladesh’s GDP is projected to grow by 3.6 percent, India’s by 10 percent and Pakistan’s by 1.3 percent in 2021/22.
“Economic growth in South Asia is likely to improve next year and the region’s economy will be on the path to recovery,” the report said.
Many businesses have been affected due to COVID-19, revenue collection has been reduced and millions have become unemployed. The report states that employment opportunities will be further affected, income will decrease and inequality will increase.