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Nepal Achieves Growth Rate 4 to 4.5 Percent
By KTM Metro Reporter
October 25, 2013: The World Bank (WB) has projected the economic growth of Nepal at 4 to 4.5 percent for the fiscal year 2013. “If elections are held on time and the result achieves broad consensus, macro-economic projection points to a gradual return to the economic growth of 4 to 4.5 percent, with inflation remaining in a single digit for the current fiscal year”, according to the Nepal Development Update of 2013 published by WB yesterday, the news posted on the ‘gorkhapatraonline.com’ says.
Nepal’s political developments continue to overshadow and impede its economic development. Politics have trumped economics, a trend that needs to be reversed to put Nepal on a higher growth trajectory, according to the report.
If the elections are held successfully, both public and private investments are expected to recover from the low levels seen in recent years, WB said
Addressing an event, World Bank Country Director for Nepal Johannes Zutt said that the government should focus on the economic development of the country ending the political instability as soon as possible. “Times to move from politics focus to development vision. The political stability is essential for building prosperous Nepal,” he said.
Nepal needs at least 7 to 9 per cent economic growth, he said, and the public and private sectors investment should be increased to achieve such a growth. He also said that the government should create an investment friendly environment, focus on poverty reduction and address the burning issues of the country.
