Nepal Development Update, October 2023
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Washington, DC: World Bank
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Real GDP growth decreased to an
estimated 1.9 percent in FY23, the lowest rate since FY20
and substantially below the 10-year average growth rate.
Monetary tightening and the effects of import restrictions
contributed to the slowdown. Economic activity was
particularly subdued in the industry and services sectors,
while agricultural output remained more resilient. Strong
energy sector growth helped to avoid an industrial
contraction, since manufacturing and construction outputs
shrank. Hydroelectric generation increased significantly for
the second year in row and added close to 500 megawatts of
hydroelectric power to the national grid. Nepal nevertheless
remains a net energy importer. Slow credit growth and import
restrictions contributed to a reduction in private
investment on the demand side. Lower capital expenditure and
revenue underperformance drove lower public investment. As a
result, total investment decreased by more than 10 percent,
a sharper reduction than in FY20. Private consumption
remained robust, owing to strong remittance inflows.
Palabras clave
REAL SECTOR, EXTERNAL SECTOR, MONETARY AND FINANCIAL SECTOR, FISCAL SECTOR, PRODUCTIVITY CHALLENGES, EXPORT COMPETITIVENESS