Kathmandu: In its latest ‘Global Economic Prospects’ report, the World Bank anticipates a favorable economic trajectory for Nepal, projecting a growth rate of 3.9 percent in the current fiscal year (FY) 2023/24. This forecast indicates a significant improvement from the 1.9 percent expansion observed in the previous fiscal year 2022/23.
The World Bank further envisions a robust 5 percent growth for Nepal in the upcoming fiscal year. In contrast, the global economic outlook for 2024 suggests a modest average growth rate of 2.4 percent. The World Bank emphasizes a sluggish global economic landscape in the next fiscal year (2025), foreseeing a mere 2.7 percent expansion. Notably, major economies like the United States, Japan, China, and Russia are expected to experience restrained growth.
India stands out as a positive outlier with remarkable economic progress. The World Bank predicts a consistent growth rate of 6.4 percent for the Indian economy in the current year, maintaining the momentum with a 6.5 percent increase in the coming fiscal year.
Among neighboring countries, Bangladesh takes the second spot with a projected growth rate of 5.6 percent this year, ascending to 5.8 percent in the next fiscal year. The Maldives secures the third position, expecting a growth rate of 5.2 percent this year and a further increase to 5.5 percent next year.
Bhutan claims the fourth position, displaying a growth rate of 4 percent this year and anticipating a rise to 4.6 percent in the following year. Nepal, ranking fifth, is poised for notable economic advancement. Meanwhile, Sri Lanka and Pakistan share the sixth position, both expecting a growth rate of 1.7 percent, according to the World Bank’s economic projections.