Thursday, April 14, 2011

Nepal at 108th position in world rankings : WB

The World Bank has projected Nepal’s economic growth to be 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 has ranked Nepal at 108th position in world rankings according to GDP for 2010.
“Nepal is more than the average,” it said, adding that 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 moderate to eight per cent in 2012.”
In accordance with the 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.
Some advanced economies have significant output gaps and elevated unemployment rates; 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, broad-based recovery is continuing in most Asian economies, supported by strong export performance, buoyant private domestic demand, and in some cases rapid credit growth. Asia continues to outpace other regions even though growth has moderated.
(2011 April 13)

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