By Ranjana Thapa Magar, KATHMANDU:- The World Bank has projected that Nepal’s economic growth rate will be only 3.9 percent in the current fiscal year 2021-2022.
This year, Nepal has set a growth target of 7 percent. Nepal’s economic growth rate was negative at 2.1 percent in FY 2020-2021, but only 1.8 percent in FY 2020-2021, according to the World Bank.
As the impact of the Covid-19 epidemic on Nepal’s economy gradually diminishes, it is seen that the economy is slowly recovering. Especially due to the intensification of vaccination campaign, positive improvement has started to be seen in foreign employment and tourism sector as well.
The World Bank has made this information while releasing the South Asia Economic Focus. The World Bank has noted that the economic crisis could deepen if economic activity is not sustained while maintaining social distance.
The World Bank has projected that the overall South Asian country will make a leap in economic growth this year. The biggest contributors will be countries with tourism-based economies.
South Asia’s economic growth rate will be 7.1 percent. The Maldives will contribute the most at 11 percent. India’s economic growth rate is expected to be 7.5 percent. Sri Lanka has the lowest at 2.1 percent.
Bangladesh is projected to grow at 6.4 percent. Bhutan, Pakistan and Nepal are seen to be in a similar situation.
The Corona epidemic has not only widened the gap between rich and poor in South Asia, it has also widened poverty. According to the World Bank, an estimated 4.8 to 5.9 million people in the region fell below the poverty line in 2021 alone.
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