Nepal’s economic growth to remain at 4.1 percent in 2023: World Bank’s latest report
Kathmandu, April 6. On Wednesday, the World Bank released a new report on Nepal’s development update, which indicates that the country’s growth rate would remain at 4.1 percent in 2023.
The report, entitled ‘Fine-tuning Policy in a Turbulent Environment,’ was jointly released by Finance Secretary Toyam Raya and World Bank Country Director Farid Haddad Zarvos in Kathmandu.
Although the growth rate projection is less than the one made by the World Bank last October, the report predicts a better tourism sector in 2024, leading to a projected growth rate of 4.9 percent.
The report cites the restoration of the tourism sector, an increase in remittance, and easing monetary policy as factors contributing to economic growth in 2024.
Furthermore, the report forecasts that inflation in South Asia will be recorded at 8.9 percent in 2023, which is expected to reduce to 7 percent in 2024.
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