Kathmandu: According to World Bank’s “Global Economic Prospects” report, Nepal’s economy is expected to remain poor during the current fiscal year. According to the report, the growth rate of Nepal will remain within 3.9 per cent this fiscal year and 4.7 per cent on next fiscal year.
The economic growth is badly affected due to ongoing global pandemic, surge in import and poor state of the tourism industry. Moreover, during recent days, the Central Bank, Nepal Rastra Bank’s data shows that the inward remittance is in decreasing trend.
According to the report, Bangladesh is expected to grow at 6.4 and 6.9 per cent in 2021-22 and 2022-23, respectively, while Pakistan will grow by 3.4 per cent in the current fiscal and at 4 per cent in 2022-23.
Among the South Asian nations, India is expected to achieve the highest growth of 8.3 per cent this fiscal and at 8.7 per cent in 2022-23. The growth rate of India is supported by the government’s move for economic revival while promoting export oriented industries.
The World Bank has published its ‘Global Economic Prospects report on January 11, 2022. According to the report, average global growth is expected to decline remarkably from 5.5 per cent in 2021 to 4.1 per cent in 2022 and 3.2 per cent in 2023.