The World Bank (WB) has projected that Nepal’s economic growth rate will reach 5.8% in 2022.
Unveiling a report ‘Nepal’s Development Update, October 2022’ on Monday, the WB estimated that Nepal’s Gross Domestic Product (GDP) would increase by 5.8%.
The WB projected that Nepal’s GDP would increase by 5.1% in 2023 and by 4.1% in 2024.
Earlier, unveiling the report ‘Countering the Cast of Living Crisis’, International Monetary Fund estimated that Nepal’s economic growth rate would increase by 4.1% in 2022.
However, the government has set a target to achieve 8% of economic growth rate in the fiscal year 2022/23.
Similarly, the WB estimated that the inflation rate would remain at 6.3% in 2022 and 5.5% price hike in 2023 and 5.3% in 2024.
The government, however, through a budget for the fiscal year 2022/23 has set a target to limit price hikes to 7%.
It has been projected that the industrial growth of Nepal will be strong in the agriculture, industry and service sectors.
According to the WB, the growth rate of industrial sector will be 10.2 percentage points while the growth of service sector will be 5.9 percentage points and 2.3 percentage points of the agricultural sector in the year 2022.
In 2022, the WB has projected that the export of goods and services will increase by 35% and imports by 15%.
