World Bank projects Nepal's economic growth to be 3.3 per cent in 2024
Admin
Apr 2, 2024 11:42
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The World Bank (WB) has said that Nepal's economy is expected to grow by 3.3 per cent in 2024, driven by revived tourism and a pickup in hydropower exports.
On the demand side, private consumption will drive growth, supported by a substantial increase in remittance inflows, according to the World Bank's twice-a-year country development update.
In its latest Nepal Development Update, the WB stated that the country's economy is on a recovery path, but private investment remains low while projecting a further rebound in growth of 4.6 per cent in 2025.
However, the forecast is subject to multiple risks, including a growth slowdown in partner countries, notably India, Gulf countries, and Malaysia which could lead to a drop in remittances and tourism.
