The World Bank has slashed its growth forecast for the current fiscal year ending March 6 to 5 percent. This is the lowest in 11 years. The World Bank forecasts a 5.8% growth next fiscal. The Central Statistics Office also estimates that the growth rate will fall to five per cent.
The year-on-year estimate is the worst since the 2008 global recession. Low economic growth is a major concern for the manufacturing sector. The manufacturing sector is projected to grow at two per cent this fiscal. It is expected to grow by 6.9% in 2018-19.