Economic growth rate of Nepal in FY 2022/23 remains 5.1 per cent: WB report

The economic growth rate of Nepal is estimated to be 5.1 and 4.9 per cent in the fiscal year (FY) 2022/23 and 2023/24 respectively, according to the Global Economic Prospect Report released by the World Bank (WB) Tuesday.

The report, however, estimated 5.8 per cent economic growth rate for FY 2021/22. The downfall estimate is not only the case of Nepal but applies across the globe.

The global economic growth rate would be squeezed to 1.7 percent in the year 2023 which is 1.3 per cent lower than the earlier estimation. Six months before or in the month of June this year, the WB had made public an estimation of global economic growth rate of 3.0 per cent.

The WB report stated “The estimation of economic growth rate for the year 2023 is the third big recession in the last three decades”. The ongoing war between Russia and Ukraine along with COVID pandemic are considered the prime causes behind the fall in the economic growth rate.