Nepal’s economic growth is expected to reach 2.7 percent this year, according to the World Bank. The bank anticipated 2.7 percent growth in its Global Economic Prospects report released on Wednesday, owing to the nation-wide lockdown imposed since April 29 of this year.
The second wave of the Corona pandemic has resulted in a nationwide lockdown, and the market has been unable to move. According to the Federation of Nepalese Chambers of Commerce and Industry, the lockdown has forced the closure of around 70% of enterprises and enterprises across the country.
Due to the first wave of the COVID-19 outbreak, Nepal’s economic growth rate was minus 2.12 percent the previous year.
Nepal’s economic growth is expected to be 3.9 percent in the coming year, according to the World Bank. However, in presenting the 2017 budget, the government set a target of 6.5 percent economic growth for the following fiscal year.
The global economy is expected to rise by 5.6 percent this year, according to the Global Economic Prospects Report. In South Asia, India’s GDP is expected to grow at a negative rate of 7.2%, Bhutan’s at 1.2%, Bangladesh’s at 3.6%, Pakistan’s at 1.3%, and Sri Lanka’s at 3.4%.