World Bank forecasts 5 % growth for Nepal; says Nepal’s economic expansion stronger compared to global average

Kathmandu / Jan 10: The World Bank (WB) has predicted that the expansion of the Nepali economy will be satisfactory, compared to the average growth of the world economy. The WB has shown this while announcing the first forecast for the year 2024 about the world economy.

According to the ‘Global Economic Prospects’ published by the WB, the average economic growth rate of the world in 2024 will be 2.4 percent. The WB has estimated that Nepal’s economic growth rate will be 3.9 percent this year, i.e. in the current fiscal year (FY) 2023/24. In the last fiscal year 2022/23, Nepal’s economic expansion was only 1.9 percent. The WB has also predicted that Nepal’s economy will expand by 5 percent in the coming fiscal year.

However, the world economy will remain slow even in the next fiscal year i.e. 2025. The WB estimates that the world economy will expand by only 2.7 percent in the coming year. The global economy as a whole will be affected by the slow expansion of countries with large economies in particular. The US economy, which expanded by 1.6 percent this year, will expand by only 1.7 percent next year.

The Japanese economy has grown by 0.9 percent this year and is expected to expand by only 0.8 percent next year. China’s economy has expanded by 4.5 percent this year and is expected to grow by 4.3 percent next year. Russia’s economy will grow by 1.3 percent this year and 0.9 percent next year.

A very good progress has been seen in the economy of India. It is estimated that the Indian economy, which will grow by 6.4 percent this year, will maintain the same pace in the coming year as well.

In terms of economic expansion, India has been at a high pace for the last few years. This trend will continue in the coming year as well. Last year, India achieved an economic growth of 7.2 percent. It will get an increase of 6.5 percent next year.

Bangladesh is in second place. It is expected to witness a growth rate of 5.6 percent this year. The economy of Bangladesh will expand by 5.8 percent next year. The Maldives is in third place. The country will achieve a growth rate of 5.2 percent this year. It will reach a growth rate of 5.5 percent next year.

Similarly, Bhutan is in fourth place. Bhutan, which has an economic growth rate of 4 percent this year, will have a growth rate of 4.6 percent next year. Nepal is in fifth place. It is seen that Sri Lanka and Pakistan will have the same growth rate in sixth place. Both countries are expected to achieve a growth rate of 1.7 percent.