Wednesday, April 13, 2011

World Bank projects four per cent growth

The World bank has projected Nepal's economic growth at four per cent.
The GDP in current prices for Nepal in year 2010 is $15.10 billion, according to World Economic Outlook 2011 that that has ranked Nepal at 108th position in world rankings according to GDP for 2010.
"Nepal is more than the average," it said, adding that in a year ago, in 2009, the GDP (at current prices) was $12.89 billion.
In the year 2011, the GDP (at current prices) will be $15.17 billion, which will be 0.41 per cent more than the 2010 figure.
The Asian Development Bank (ADB) had, last week, projected 3.8 per cent growth for 2011.
The ADB had projected inflation at 10 per cent but the World Economic Outlook 2011 has projected the price hike to be at 9.9 per cent.
"The consumer price is estimated at 9.9 per cent in 2011 from 2010's 9.3 per cent," according to the World Bank report. "It is expected to modearte to eight per cent in 2012."
In accordance with standard practice in the World Economic Outlook, movements in consumer prices are indicated as annual averages rather than as December–December changes during the year, as is the practice in some countries.
Similarly, the bank projects negative balance on Current Account till the year 2016. The Balance of Payment (BoP) has registered Rs 12.57 billion deficit in the first seven months of current fiscal year due to current account deficit, according to the central bank
Similarly, the global economy is now two years into its recovery, From the outset, it was expected to be a multi speed recovery — the April 2009, World Economic Outlook projected that the economies that would be growing the fastest by 2011 were those that had avoided large pre-crisis imbalances, had seen the smallest output collapses during the crisis, and had the most room for policy maneuvering after the crisis, the report said, adding that
two years later, that picture is broadly unchanged, but the contours of the recovery are clearer.
Some advanced economies have significant output gaps and elevated; many low-income countries are growing at rapid but sustainable rates; and there are signs of overheating in a number of emerging market economies.
Similarly, there are large disparities in some economies’ external positions, it has warned.
However, boad-based recovery is continuing in most Asian onomies, supported by strong export performance, boyant private domestic demand, and in some cases rapid credit growth.
Even though growth has moderated from cyclical highs to more sustainable rates, Asia continues to outpace other regions.

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