According to the World Bank, Nepal’s economic growth rate will reach 5.8 percent in 2022.
On Monday, the World Bank released a study titled ‘Nepal’s Development Update, October 2022,’ estimating that Nepal’s Gross Domestic Product (GDP) will rise by 5.8 percent.
According to the World Bank, Nepal’s GDP would grow by 5.1 percent in 2023 and 4.1 percent in 2024.
Previously, the International Monetary Fund anticipated that Nepal’s economic growth rate will improve by 4.1 percent in 2022 when it released the study ‘Countering the Cast of Living Crisis.’
However, the administration has achieved 8% economic growth in the fiscal year 2022/23.
Similarly, the World Bank predicted that inflation would stay at 6.3 percent in 2022, with a price increase of 5.5 percent in 2023 and 5.3 percent in 2024.
The government, on the other hand, has aimed to limit price increases to 7% in the fiscal year 2022/23.
According to the World Bank, Nepal’s industrial growth would be strong in the agricultural, industrial, and service sectors.
According to the World Bank, the industrial sector will increase by 10.2 percentage points in 2022, while the service sector will grow by 5.9 percentage points and the agriculture sector will grow by 2.3 percentage points.
The World Bank predicts that exports of products and services will expand by 35% in 2022, while imports will increase by 15%.