World Bank ranks Nepal third fastest growing economy with 7.50% GDP growth
World Economic Forum, based on statistics of World Bank, has ranked Nepal as the third fastest growing economy in the world. As per its forecast, Nepal’s GDP will rise by 7.50% in 2017, the highest GDP growth Nepal will have achieved in 23 years.
As per the World Bank, Nepal’s growth has rebounded after the April 2015 earthquake with reconstruction efforts picking up. Likewise, Nepal, along with much of South Asia has been getting ample rainfall which has also helped Nepal achieve such growth. Nepal’s growth was almost in halt after the blockade of 2015, after the end of which normalization of trade with India has helped Nepal achieve the growth.
World Bank has ranked Ethiopia as the fastest growing economy with 8.30% growth. The East African country’s accelerating growth comes on the back of government spending on infrastructure. Nepal has much to learn from Ethiopian economy has the Nepali government has not been able to spend on infrastructure and capital expenditures. In the first 10 months of the ongoing FY 2073/74, Government of Nepal has only spent 28.90% of its budgeted capital expenditure. The government has to spend Rs 4.53 arba daily till Ashad 2074 to meet with its budgeted expenditure.
World Bank, in 2018, has forecasted 5.50% growth in Nepal's economy. The government has targeted 7.20% growth. Increase in development of infrastructures, education and national pride projects should help Nepal achieve similar growths in coming years as well.
World Bank has ranked Ethiopia as the fastest growing economy with 8.30% growth. The East African country’s accelerating growth comes on the back of government spending on infrastructure. Nepal has much to learn from Ethiopian economy has the Nepali government has not been able to spend on infrastructure and capital expenditures. In the first 10 months of the ongoing FY 2073/74, Government of Nepal has only spent 28.90% of its budgeted capital expenditure. The government has to spend Rs 4.53 arba daily till Ashad 2074 to meet with its budgeted expenditure.
World Bank, in 2018, has forecasted 5.50% growth in Nepal's economy. The government has targeted 7.20% growth. Increase in development of infrastructures, education and national pride projects should help Nepal achieve similar growths in coming years as well.
