International Monetary Fund Predict Nepal's Economy Would Increase by 5% in 2023

The Nepalese economy has primarily been characterized by high and ongoing inflation and slow economic growth in recent years. The International Monetary Fund (IMF) predicts that in 2023, Nepal's economy would increase by 5%. Nepal's economy is predicted to grow by 4.2 percent in 2022 and by 5.1 percent in 2024, according to IMF.

The IMF suggests that the decline in food and fuel prices, along with China's economic expansion, have helped improve the economy of every Asian nation. As a result, IMF predicts that in 2023, the economies of Asian nations would expand by 4.7 percent. The GDP of the Asian nation expanded by 3.8% in 2022.

According to the fund, Sri Lanka's economy will shrink by 3%, while India's economy will rise at a rate of 6.1%, which is the highest among South Asian nations. The fund projects that Sri Lanka's economy would expand by 1.5% in 2024.

Likewise, of South Asian nations, Bangladesh has the second-best economic growth. The fund projects that Bangladesh's economy would expand by 6% in 2023. The GDP of Cambodia will expand by 6.2%, which is the highest rate among Asian nations.

Maintaining the ideal inflation rate is crucial in this regard, as it would promote rapid and sustained economic growth both in the short and long terms.