Nepal's Economy Projected to Grow by 3.87% This Year: CBS ➤

Nepal’s Economy Projected to Grow by 3.87% This Year: CBS

Central Bureau of Statistics Forecasts Higher Economic Growth Rate than International Agencies for FY 2080/81

The Central Bureau of Statistics (CBS) has estimated that Nepal’s economic growth rate will be 3.87 percent for the current fiscal year 2080/81. This projection suggests a significant expansion of the Nepali economy by 3.87 percent compared to the previous year’s growth rate of 1.86 percent.

According to the details disclosed in the Annual National Account Statistics released by CBS, Nepal’s economy is expected to reach a staggering Rs 5.7487 trillion this year. Based on this fundamental value, CBS has projected an expansion of Nepal’s gross domestic product (GDP) by 3.54 percent.

The government’s economic growth forecast for Nepal is higher than the projections made by several international agencies, including the World Bank, the International Monetary Fund (IMF), and the Asian Development Bank (ADB). While the World Bank has forecasted a 3.3 percent increase in Nepal’s economy, the IMF has projected a 3.1 percent expansion, and the ADB anticipates a 3.6 percent growth rate. From the private sector, the Management Association of Nepal (MAN) has estimated a relatively lower economic growth of 3.09 percent for the current fiscal year.

According to CBS, the agricultural sector is expected to witness a growth rate of 3.05 percent, while the non-agricultural sector is projected to expand by 3.75 percent during the fiscal year 2080/81.

Last year, Nepal’s economy expanded by 1.86 percent in terms of consumer price and 2.16 percent in terms of the base price. Based on consumer price, the country’s economy reached Rs 5.348 trillion, as revealed by CBS. The revised economic growth rate for the previous year, based on the base price, stood at 2.31 percent.

The CBS’s optimistic projection for Nepal’s economic growth rate this year is a positive sign, indicating the country’s economic recovery and resilience in the face of global challenges. However, sustained efforts and effective policies will be crucial to maintain this growth momentum and ensure long-term economic development and prosperity for Nepal.