ADB projects Nepal’s growth rate to slump to 1.5 percent

Khabarhub

September 15, 2020

2 MIN READ

ADB projects Nepal’s growth rate to slump to 1.5 percent

Asian Development Bank. (File photo)

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KATHMANDU: On contrary to the government’s prediction of the economic growth rate of 7% for this year, Nepal’s long time development partner Asian Development Bank (ADB) has predicted it to remain around 1.5 percent.

Analyzing the developmental and other economic activities of the country, ADB in its third prediction made this year has calculated Nepal to achieve 1.5 percent growth rate on Tuesday.

Earlier, ADB in its projection of April and June had expected the growth rate to be 6.4% and 3.1% respectively.

In the meantime, the prediction made by another development partner World Bank is also far below the government target. In its prediction made earlier, World Bank had predicted Nepal’s economic growth rate to be 2.1% this year.

The predictions of both development partners working in Nepal since long have predicted it far below the government’s projection.

ADB had projected Nepal’s growth rate to be 2.3% although the government has not made last year’s report public yet, it is estimated that the growth rate will be closer to the projection made by ADB.

The ADB that has predicted the Maldives and India to have a good leap after curbing coronavirus pandemic, has estimated Nepal and Afghanistan to remain in the bottom line in terms of the year’s economic growth rate.

ADB projection tells that Maldives which suffered most being a tourist based economy, will have an exciting come back with 10.5% growth rate. Likewise, India is likely to attain 8% growth this year.

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