Awaken Nepal

Nepal ranked 3rd for the fastest-growing economy in 2017

Nepal has been ranked the third fastest-growing economy in the world for the year 2017 by the World Bank.

Nepal has achieved remarkable progress over the last years. The country managed to halve the percentage of people living on less than $1.25 a day in only seven years, from 53 percent in 2003-04 to 25 percent in 2010-11 and is continuing to make progress. Several social indicators in education, health and gender have also improved, according to World Bank.

Ethiopia is the fastest-growing economy in 2017, according to the World Bank’s latest edition of Global Economic Prospects.

Ethiopia’s GDP is forecast to grow by 8.3% in 2017. By contrast, global growth is projected to be 2.7%.

The East African country’s accelerating growth comes on the back of government spending on infrastructure.

Uzbekistan has the second-fastest-growing economy, with projected growth of 7.6% thanks to rising oil prices, benign global financing conditions, robust growth in the Euro Area, and generally supportive policies among governments of several large countries in the region.

Nepal is in third with a 7.5% projection. Nepal’s growth has rebounded strongly following a good monsoon, reconstruction efforts after the 2015 earthquake and normalization of trade with India, says the Bank.

India is the fourth-fastest-growing economy with 7.2% projected growth, thanks in part to a rise in exports and an increase in government spending.

Among the other top 10 performers are Djibouti and Laos with 7% and Cambodia, the Philippines and Myanmar with 6.9%.

China, despite experiencing a slowdown and an economic transition, was in 16th place with 6.5% expected growth, helped by robust consumption and a recovery of exports.