Early last year, the government had forecasted a 5.5 percent economic growth. The 5.9 percent year on growth for 2003, is the highest since 2000, when the economy expanded by 6.
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0 percent.rn
rnAfter contracting by 1.5 percent in 2001, the government is forecasting gross domestic product to touch 5.
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5 percent in 2004.rn
rnBut private sector economists and the Asian Development Bank have downgraded their forecast to 5.0 percent. A persistent drought, reliance on expensive thermal power, poor investor sentiment and the absence of political muscle to push key legislative reforms are largely to blame, analysts said.
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