World Bank: Global economic growth to shrink to 4.1 percent

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According to the World Bank’s newest Global Economic Prospects report, global economic growth is predicted to slow from 5.5 percent in 2021 to 4.41 percent and 3.2 percent in 2022 and 2023, respectively, due to the spread of COVID-19 variations, inflation, debt, and income inequality.

According to the World Bank, the slowdown will coincide with a growing disparity in growth rates between advanced and emerging nations, as well as advanced and developing economies.

Meanwhile, South Asia’s overall economic growth is expected to increase by 7.6 percent in 2022 before declining to 6 percent by 2023.

According to the report, Nepal‘s economic growth will be 3.9 percent this fiscal year (2021/22) and 4.7 percent the following fiscal year (2022/23).

The Maldives’ economy is predicted to develop at the quickest rate in South Asia. The Maldives’ economy is expected to expand by 22.3 percent in 2021. It is expected to increase at an 11 percent annual rate in 2022 and a 12 percent annual rate in 2023.