Nepal’ Gross Domestic Growth remained just 0.2 percent, the World Bank said in its estimation for the 2019-20 fiscal year
Nepal’ Gross Domestic Growth remained just 0.2 percent, the World Bank said in its estimation for the 2019-20 fiscal year. Interestingly, the projection is way below that what the World Bank had earlier estimated.
In its June projections, the World Bank projected 1.8 percent GDP for Nepal in for 2019-20 fiscal year. It also said the country is estimated to grow by just 0.6 percent in 2020-21, 1.5 point lower than its earlier projections.
Countries, especially in South Asia, that depend on tourism and travel suffered most, the report says. Tourism is one of the biggest segment of economies in the Maldives, Nepal, and Sri Lanka.
The region is expected to grow by 3.3 percent. Bangladesh’s economy- the fastest-growing before the COVID crisis- decelerated by 2 percent for the same period. While India is expected to grow by 5.4 percent, it says, projections for Pakistan doesn’t look good. The country is expected to grow by just 0.5 percent.
Forecast projections assume that a vaccine will be distributed on a wide scale in the first half of 2021.