Country’s GDP projected to increase by 2.7 per cent in next Fiscal Year

Kathmandu, March 31: The World Bank (WB) has projected the country’s GDP will increase by 2.7 percent in the next Fiscal Year to reach 5.1 percent.

The WB made this projection based on assumption that the remittance inflow would increase. Prospects of an economic rebound in South Asia are firming up as growth is set to increase by 7.2 percent in 2021 and 4.4 percent in 2022, climbing from historic lows in 2020 and putting the region on a path to recovery, the World Bank said in its twice-a-year-regional update report entitled ‘South Asia Economic Focus South Asia Vaccinates’ released today in Washington DC, USA.

The outlook for Bangladesh, Nepal, and Pakistan has also been revised upward, supported by better than expected remittance inflows: Bangladesh’s gross domestic product (GDP) is expected to increase by 3.6 percent in 2021; Nepal’s GDP is projected to grow by 2.7 percent in the fiscal year 2021-22 and recover to 5.1 percent by 2023; Pakistan’s growth is expected to reach 1.3 percent in 2021, slightly above previous projections.