June 13, 2017 08:05 AM NPT
KATHMANDU, June 12: Nepal is the third fastest growing economy in the world in 2017 according to a report of the World Economic Forum, a Swiss non-profit foundation.
Nepal ranked third with the projection of economic growth of 7.5 percent after Ethiopia and Uzbekistan, said the forum in its report unveiled on Friday.
“Nepal’s growth has rebounded strongly following a good monsoon, reconstruction efforts after the 2015 earthquake and normalization of trade with India,” the forum says quoting the World Bank.
The report said, “Ethiopia’s GDP is forecast to grow by 8.3 percent in 2017.” By contrast, global growth is projected to be 2.7 percent.
The East African country’s accelerating growth comes on the back of government spending on infrastructure. Uzbekistan is the second-fastest-growing economy, with projected growth of 7.6 percent thanks to rising oil prices, benign global financing conditions, robust growth in the Euro Area, and generally supportive policies among governments of several big countries in the region.
India is the fourth-fastest-growing economy with 7.2 percent projected growth, thanks in part to rise in exports and an increase in government spending.
“Among the other top 10 performers are Djibouti and Laos with 7 percent and Cambodia, the Philippines and Myanmar with 6.9 percent growth. China, despite experiencing a slowdown and an economic transition, was in the 16th place with 6.5 percent expected growth,” the report says.