KATHMANDU: The Asian Development Bank (ADB) has projected Nepal’s economic growth this fiscal year will be at 3.1 percent, a positive recuperating symptom in comparison to last year’s.
The ADB has projected that the economic growth rate, which was negative at 1.9 percent in the last fiscal year, will be 3.1 percent in the current fiscal year and 5.1 percent in 2022.
The bank has also expected the economic activity to pick up due to the vaccination campaign against COVID-19 in Nepal.
The projection hails a growth rate of 2.4 percent in the agricultural sector and 1.3 percent in paddy production due to favorable weather conditions.
Similarly, it has lauded the revival of manufacturing and service sectors saying they are gradually coming to normalcy.
The ADB also stated that industry, large, small and medium enterprises have been hard hit by the pandemic.
According to ADB, the inflation, which was 6.2 percent in 2020, will be 5 percent in the current fiscal year.
ADB projection tells that Nepal’s GDP growth will be 5.1 percent in 2022.
It is remarkable that with the second wave of COVID-19, most of the business hubs are closing from Thursday, April 29.