Kathmandu. It has been announced that the economic growth rate of Nepal will be 5.1 percent in the fiscal year 2022/023 and 4.9 percent in 2023/024.

The World Bank released its Global Economic Prospects report on Tuesday. According to the World Bank, it is estimated that Nepal will achieve an economic growth rate of 5.8 percent in the year 2021/2022.

Compared to the previous forecast of the World Bank, the new forecast shows that there will be a contraction not only in Nepal but also in the world economic growth rate. According to the new forecast, the world economic growth rate will decrease to 1.7 percent in 2023. Which is one point less than the previous estimate. The World Bank published an estimate six months ago, i.e. last June, that the world economic growth rate would be 3 percent. In 2024, the world economic growth rate is projected to be 2.7 percent.

According to the Global Economic Prospect report, the effects of the Russia-Ukraine war and the Covid epidemic are seen as the main reasons for the low economic growth rate. Similarly, the World Bank has stated that the economic growth rate has declined due to high inflation, high interest rates, low investment, disruptions in the supply chain, etc.

According to the World Bank report, this year is the lowest economic growth rate after the global economic recession of 2009 and the low economic growth rate in 2020 due to the epidemic. The estimate of the economic growth rate of 2023 is the third largest decline seen in the last three decades. The world economic growth rate is the lowest this year since 2009 and 2022, the report said.

According to the forecast of the World Bank, India's economic growth rate will be 6.6 percent in 2023 and 6.1 percent in 2024. Similarly, it is estimated that the growth rate in Pakistan will be 2 percent in 2023 and 3.2 percent in 2024. Similarly, the World Bank has forecast that the economic growth rate in Bangladesh will be 5.2 percent in 2023 and 6.2 percent in 2024.