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What Measures is the Government Taking to Improve Nepal’s GDP By 2022?

Nepalu2019s economic growth rate is expected to get a 4.1 percent boost for the fiscal year 2022. Thatu2019s quite a substantial increase from the estimated 2.3 percent growth for the fiscal year 2021. This information comes from the latest ADO (Asian Development Outlook) 2021 Update, the flagship publication of ADB (Asian Development Bank).

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What Measures is the Government Taking to Improve Nepal’s GDP By 2022?

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  1. What Measures is the Government Taking to Improve Nepal’s GDP By 2022? Nepal’s economic growth rate is expected to get a 4.1 percent boost for the fiscal year 2022. That’s quite a substantial increase from the estimated 2.3 percent growth for the fiscal year 2021. This information comes from the latest ADO (Asian Development Outlook) 2021 Update, the flagship publication of ADB (Asian Development Bank). Reasons for growth Arnaud Cauchois, the ADB Country Director for Nepal, shared that the growth is widely supported by the ongoing COVID-19 vaccinations. The national immunisation plan remains an important factor in the country’s economic recovery. That said, uncertainties in the trajectory of COVID-19 can potentially reverse the gradual economic growth rate and recovery, as there’s always a possibility for the number of cases to surge! Boosting the healthcare system For 2022, the fiscal policy of the government is largely focused on boosting the nation’s healthcare system. The monetary policy will continue to accommodate concessional lending for affected businesses and priority projects. There are also plans to create a dedicated refinancing facility. Services are expected to grow faster due to more economic activities in the retail and wholesale trade, financial services, transport, and the nationwide vaccine rollout. Agriculture’s role in economic growth rate The report also shared that agriculture in Nepal is likely to thrive due to increased monsoon rains and more paddy plantation. Industry input is projected to grow because of the sizeable increase in export volume and the solid domestic demand. There’s also hope that the national vaccination plan rollout will gradually reduce infection rates. Tourism and imports

  2. International tourism numbers went down by around 80.8 percent in 2020, but it may recover gradually as expeditions and trekking routes reopen. Restaurants, hotels, tourism, and travel may take more time to recover to pre-pandemic levels until COVID-19 is effectively contained. Because of high oil prices worldwide and the recovery in domestic demand, inflation in the country may modestly rise to 5.2 percent in 2022, which is an increase from the expected 3.6 percent in 2021. Non-oil imports may continue growing at a favorable rate in 2022 as investments boost economic growth rate and revive the economy. Oil imports may be slower due to the increase in hydroelectricity generation, which partially offsets the need for fossil fuels. For more Nepal economic growth news, visit english.ratopati.com!

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