The World Bank has estimated that the economic growth rate of Nepal in the current financial year will be 5.1 percent. The government of Nepal has set a target of 7 percent economic growth in the current financial year. According to the World Bank, Nepal's economic growth will be 4.9 percent in the coming year.
The World Bank has predicted that the economic recession will be prolonged in most countries of the world from 2023. The projection report estimates that the world economic growth will be 1.7 percent in 2023. The bank estimated 3 percent only 8 months ago, but now it has reduced it to 1.7 percent.
The bank estimates that the world will remain in economic recession for a long time due to the current inflation in the world, rising interest rates and decreasing investment in the private sector and the general public. The report mentions that inflation has increased due to the impact of Covid and the tension between Russia and Ukraine. The bank predicts that the high interest rate and shrinking investment towards citizens will increase the economic recession.
According to the World Economic Outlook published by the World Bank on Wednesday, the impact of the Ukraine war will also affect South Asia. Due to this, the economic growth rate will be only 6.1 in 2022 and it will decrease to 5.5 in 2023. In the year 2024, it will increase to 5.8.
According to the World Bank, Maldives will have the highest economic growth in South Asian countries. In 2021, the economic growth of Maldives was 41.7 percent due to Corona, it will be limited to 12.4 percent in 2022 and 8.2 percent in 2023. Pakistan is projected to have the lowest economic growth. Pakistan's economic growth will be 6 percent in 2021/22, 2 percent in 2022/23 and 3.2 percent in 2023/24.
According to the World Bank, the number of poverty in Afghanistan, Pakistan and Sri Lanka will increase in 2024. In India, economic growth is expected to be 6.9 percent in 2022/23 and 6.6 percent in 2023/24.
It is estimated that Bangladesh will have 5.2 percent, Bhutan 4.1 percent and Pakistan 2 percent in 2022/23 i.e. the current financial year. Sri Lanka is estimated to be negative by 4.2 percent. Similarly, in the coming year, the economic growth rate of Maldives is 8, Sri Lanka 1, Bangladesh 6.2, Bhutan 3.7, India 6.6, Nepal 4.9 and Pakistan 3.2 percent. The World Bank has expressed concern that with the increase in food prices in South Asia, the poor and low-income groups may be pushed into the crisis of food insecurity. According to the World Bank, there is a risk that the economy may go into further crisis due to the effects of climate change.
The World Bank has shown that the economy of the developing countries will remain moderate. According to the World Bank, the impact of the recession will be more visible especially in the poor countries. In these countries, the per capita income will increase by only 1.2 percent in 2023 and 2024.
The World Bank predicts that such a problem will occur due to high inflation, high interest rates, low investment, disruptions in the supply chain, etc.
According to the World Bank, when the economy of America, European countries and China goes into crisis, it will affect the economy of the world. In 2023, the economic growth rate of America is estimated to be 0.5 percent and 4.3 percent of China.
China will achieve a growth rate of 4.3 percent in 2023. Its growth rate in 2021 was 8.1 percent.
The World Bank's World Economic Scenario Report 2023 has stated that Nepal is going to recover quickly from the effects of the Covid-19 epidemic.
According to the World Bank, the impact of the recession is most visible in poor countries, especially in African countries. In these countries, per capita income is projected to increase by only 1.2 percent in 2023 and 2024. Because of this, the possibility of poverty is also increasing. Moreover, the interest rates that are constantly increasing in America and Europe will attract investment from poor countries and the investment crisis in those countries will deepen.
According to the World Bank, although the US, the world's largest economy, may avoid recession this year, its growth rate is estimated to be only 0.5 percent. Where the World Bank has reduced the estimate of the growth rate of the world economy.
