May 132016
 

Growth rates in 2015/16: many sectors in the economy were hit hard by the earthquake, the blockade, draught, wildfires and more.

Growth rates in 2015/16: many sectors in the economy were hit hard by the earthquake, the blockade, draught, wildfires and more.

It’s no surprise but now the numbers are out. This fiscal year was extremely tough on almost everybody! The earthquake aftermath, months of blockade, and widespread draught created the worst economic climate ever since the height of the Maoist conflict. The government spent a mere 20 percent of its capital budget, as against 60 percent in some previous years, and economic growth took a steep fall. Growth this fiscal year was below 1 percent, not least due to a staggering 10 percent drop in manufacturing, and in the agricultural and non-agro sectors the growth rate fell from 4.72 and 5.43 percent, respectively, to just 1.14 and 0.62 percent! Only fish farming and a few other sectors saw real growth. Can the economy rebounce? Well, recent data suggests it is already. But it is from a much lower level than before the downturn in 2015/16 began.

Here’s more:
Economic growth to slump to 14-year low at 0.77 pc.
IMF lowers Nepal’s economic growth
ADB report projects Nepal’s GDP growth lowest in South Asia

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