Kathmandu, 1 April: 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, according to a World Bank report. “The outlook for Bangladesh, Nepal, and Pakistan has also been revised upward, supported by better than expected remittance inflows,” reads the latest South Asia Economic Focus.
Bangladesh’s gross domestic product (GDP) is expected to increase by 3.6 percent in 2021; Pakistan’s growth is expected to reach 1.3 percent in 2021, slightly above previous projections. 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. But growth is uneven and economic activity well below pre-COVID-19 estimates, as many businesses need to make up for lost revenue and millions of workers, most of them in the informal sector, still reel from job losses, falling incomes, worsening inequalities, and human capital deficits, says the World Bank in its twice-a-year-regional update.
People’s News Monitoring Service
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