World Bank anticipates a 4.1% economic growth rate in 2023

World Bank anticipates a 4.1% economic growth rate in 2023

The “Nepal Development Update” has made public by the World Bank. The report was jointly announced here on Wednesday by Finance Secretary Toyam Raya and World Bank Country Director Farid Haddad Zarvos.

In April 2023, according to the research titled “Nepal Development Report (April 2023):. Fine-tuning Policy in a Volatile Environment,” Nepal’s economic growth rate will stay at 4.1 percent. The forecast is lower than the one the World Bank provided in October.

In a similar vein, the expected economic growth rate of 4.9 percent demonstrates the cause for improved tourism in 2024.

According to the analysis, the recovery of the tourist industry. A rise in remittances, and a loosening of monetary policy would all help the economy thrive in 2024.

The research also predicted that in South Asia, inflation will reach 8.9 percent in 2023 before falling to 7 percent in 2024.

After the report was made public, Finance Secretary Raya stated that revenue collection. Which had declining, had now turned around. “The gradual growth in revenue collection is what we anticipate.

This year, the sectors of tourism, agriculture, remittances, and hydropower will all contribute to the national economy. “He said, mentioning the ongoing economic hardship on the nation. Raya said, “I think the nation will able to meet this challenge.

Zarvos, the country director for the World Bank, stated that all of South Asia’s nations, including Nepal, had seen a decline in industrial production during the previous 18 months.

World Bank

The IMF had provided aid to Sri Lanka, Bangladesh, and Pakistan, and there was debate on whether Nepal should have done the same.

Prof. Dr. Shivaraj Adhikari, head of Tribhuvan University’s Department of Economics, asserted that policy change is necessary to address the current issues of price increases, poor capital spending, and other governance anomalies.

Barsha Shrestha, the business head of ICRA Nepal, stated that drastic changes to current policies are required for long-term economic interests.

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