World Bank forecasts economic growth rate of 7.1 percent in 2019
June 7, 2019 | Investopaper
World Bank has forecasted the economic growth rate of Nepal for the year 2019.
According to the World Bank, the economic growth rate is expected to reach 7.1 percent this year due to the enthusiastic growth in the agricultural and service sector of the country this year. The service sector alone is expected to grow by 7.5 percent this year.
The World Bank has concluded that due to the rise in the number of tourist arrivals, continuous improvement in service infrastructures like hotels and restaurants and the growth in remittance further aiding consumers propensity to consume has resulted to a rise in the service sector.
Similarly, the favorable climate, availability of seeds and fertilizers in time, improvement in irrigation, etc. have helped in the growth of the agricultural sector. The government had previously made the economic forecast of 6.9 percent for the current fiscal year below the set target of 8 percent.
The budget speech last week has also set a target of 8.5 percent for the next fiscal year.
