KATHMANDU, JANUARY 10
The World Bank (WB) has projected a five percent economic growth rate for Nepal in the fiscal year 2024/25.
In its 'Global Economic Prospectus, 2024' report, the WB anticipates positive economic development in 2024/25 compared to the previous year. However, for the current fiscal year, the economic growth rate is expected to remain at 3.9 percent.
The projected economic growth rate is attributed to improvements in the industry and service sectors. Additionally, the implementation of a flexible monetary policy and the removal of certain import bans are expected to contribute positively, according to the WB.
Furthermore, the global economy is expected to face ongoing challenges in 2024. Tight monetary policies adopted by central banks in large economies, along with world trade and investment awaiting a smooth recovery, are factors contributing to the projected low economic growth rate.
In the same global context, inflation and high-interest rates are anticipated to have adverse effects on consumers and the monetary market. The global economic growth rate is projected to be 2.4 percent in 2024.
