Kathmandu, April 12
Alarmed by the economic impact of the coronavirus crisis in South Asia among other regions of the world, the World Bank has forecast a sharp fall in the growth rate of the gross domestic product in Nepal.
A report launched by the bank on Sunday forecasts 1.5 to 2.8 per cent growth in the country’s economy next fiscal year. The bank forecasts that the crisis may subdue the country’s economy in the next two years also, and the country’s GDP growth rate might be restricted to 1.4 to 2.9 and 2.4 to 3.6 per cent respectively.
The bank has estimated 7.1 per cent growth for this year.
The bank says lower remittances, trade and tourism, and broader disruptions caused by the outbreak will trigger low economic growth in Nepal.
“We are closely monitoring how the Covid-19 pandemic is evolving across Nepal,” states Faris Hadad-Zervos, World Bank Country Manager for Nepal. “Our immediate priority is to coordinate our action with the government, private sector and international development partners to ensure that health supplies and equipment are readily available and that a comprehensive recovery package is in place to support the poor and most vulnerable.”
