Even though the Nepalese government expects the nation's economic growth rate to be around 7% this fiscal year, the Asian Development Bank (ADB) has made a new projection that says otherwise.
Asian Development Bank has projected that Nepal's economic growth rate will be limited to a meager 1.5% this year.
Asian Development Bank had also previously estimated Nepal's economic growth rate to be around 6.4%. However, the impacts of the coronavirus pandemic were seen in the national economy and it had further reduced its estimation to 3.1%.
Unveiling its new projection on Tuesday, ADB has further decreased its estimation to 1.5%.
Furthermore, the World Bank has also projected a much lower economic growth rate of Nepal this year. It has projected Nepal's economic growth to be at around 2.1%.
Meanwhile, the overall data shows that Asian Development Bank expects most Asian economies to improve in the immediate upcoming year. While the year 2020 will be the one in which every country gets hit hard, ADB has projected that most will thrive better in the year 2021. In fact, ADB has projected Maldives' economic growth rate at 10.5% and India's at 8% for the year 2021.