KATHMANDU: Adversely influenced by the spread of COVID-19 variants alongside inflation, debt and income inequality, the global economic growth is expected to decelerate from 5.5 percent in 2021 to 4.41 percent and 3.2 percent in 2022 and 2023 respectively, said World Bank’s latest Global Economic Prospects report.
According to the World Bank, the slowdown will coincide with a widening divergence in growth rates between advanced economies and emerging and advanced and developing economies.
Meanwhile, South Asia’s overall economic growth is projected to grow by 7.6% in 2022, but shrink again to 6% by 2023.
The report has estimated Nepal’s economic growth to be 3.9% this fiscal year (2021/22) and 4.7% next fiscal year (2022/23).
In South Asia, the Maldives’ economy is expected to grow at the fastest pace. Maldives’ economic growth is projected to be 22.3% in 2021. It is projected to grow at 11% in 2022 and 12% in 2023.
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