World Bank has estimated Nepal’s economic growth rate at 7.1 percent in the current fiscal year. In its Nepal Development Update released on 6 June, WB has stated that investing in its people can help propel Nepal towards its goal of upgrading to middle-income country status by increasing the productivity and competitiveness of labour, leading to accelerated inclusive growth.
The services sector is likely to grow by 7.5 per cent due to a boost in the retail, hotel, and restaurant subsectors, driven by an uptick in tourist arrivals and remittance-fuelled private consumption, the WB has estimated.
The agriculture sector is estimated to grow by five per cent in 2018- 19, above its 30-year average of 3.1 per cent, due to good monsoons, increased commercialisation, availability of fertilisers and seeds, and improved irrigation facilities, report states.
Accordingly, industrial growth is also likely to be strong at 8.1 per cent, above its 30-year average of five per cent, mainly due to improved power availability from increased electricity generation, it is stated.
People’s News Monitoring Service
