Kathmandu, October 7
The World Bank has projected Nepal economic growth (gross domestic product growth) rate to be 3.0 per cent for the fiscal year 2021/22.
In its latest update made public on Wednesday, the bank projected the rate which it says is an improvement from the past year’s growth rate (1.8 per cent) as of its calculation.
Yet, the rate is much lower than the government’s 7 per cent target. It is 0.2 per cent lower than Asian Development Bank’s projection for this year.
“A gradual recovery is underway in Nepal, boosted by the lifting of containment measures as vaccination picks up and tourism and migrant worker flow recover,” the bank says, maintaining the growth rate, however, is still much below from the pre-Covid-19 pandemic progress.
“In Nepal, recovery is vulnerable to risks and will rely on the continued gradual resumption of economic activities alongside social distancing and an effective vaccination rollout this year,” the bank says.