“Nepal’s economic growth will reach 3.9 percent this fiscal”

KATHMANDU, JANUARY 11: The World Bank (WB) has projected that Nepal’s economic growth rate for this fiscal year will increase by 2% to reach 3.9%. The anticipated growth is attributed to improvements in the industry and service sectors, supported by a flexible monetary policy and the removal of restrictions on selected imports.

This places Nepal in the fifth position among seven South Asian nations (excluding Afghanistan) in terms of economic expansion. India is estimated to lead with a growth rate of 6.4%, followed by Bangladesh at 5.6%, Maldives at 5.2%, and Bhutan at 4%, securing the second, third, and fourth positions, respectively. Sri Lanka and Pakistan are both expected to occupy the same sixth place with a growth rate of 1.7%.

Notably, the projected growth rate of Nepal i. 3.9 percent this fiscal year is higher than the average growth rate of the world.  According to the WB,  the average global economic rate in 2024 will be 2.4 per cent.