Arab Today, arab today nepal faced with economic challenges after powerful quake
Last Updated : GMT 22:17:05
Arab Today, arab today
Arab Today, arab today

Nepal faced with economic challenges after powerful quake

Arab Today, arab today

Arab Today, arab today Nepal faced with economic challenges after powerful quake

Victims of earthquakes waiti for food aid in Kathmandu
Kathmandu - XINHUA

The Nepalese government has painted a bleak picture for the country's economy, saying that almost all major economic fundamentals have be battered by the earthquake, local media reported Sunday.

The Himalayan country's economy is expected to face a serious setback due to the powerful 7.9-magnitude earthquake which rattled the country on April 25. The quake has killed nearly 8,500 people.

"It's too early to calculate the exact damage and the impact of the earthquake on the economy. However, the economic growth target that we set earlier will be hard to achieve. The economic growth is going to fall from the projected rate," Baikuntha Aryal, joint secretary at Nepal's Ministry of Finance, told local newspaper Republica.

Nepal has made a target to achieve economic growth of 4.5 percent in the current 2014/2015 fiscal year.

Immediately after the powerful quake, the Asian Development Bank revised its economic growth forecast for Nepal to 4.2 percent from its earlier projection of 4.6 percent for the fiscal year.

"The service sector including tourism and hospitality is likely to see significant impact of the earthquake. There is no life in service sector activities till this date. The remaining two months will have significant impact of the growth target. This means it will be difficult to achieve the economic growth target in the remaining two months," said Aryal.

Similarly, inflation is expected to surpass the government target. In its growth projection for fiscal year 2014/2015, the government has set a target of containing inflation below 8 percent.

According to Ministry of Finance estimates, the quake and its subsequent flow of money as well as the supply side constraint is likely to push inflation above 8 percent.

The trade deficit, which is "already very high", will also widen in the current fiscal year as agricultural as well as manufacturing production is expected to go down due to the earthquake, the report said, adding that the slowdown in manufacturing industry, and the loss of livestock and damage in arable land is likely to propel import and hit export, thereby widening trade deficit.

Meanwhile, the Nepalese government has said that the revenue collection will also suffer in the current fiscal year.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today nepal faced with economic challenges after powerful quake Arab Today, arab today nepal faced with economic challenges after powerful quake

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today nepal faced with economic challenges after powerful quake Arab Today, arab today nepal faced with economic challenges after powerful quake

 



Arab Today, arab today
Arab Today, arab today Arab tradition glitters in Colombia

GMT 12:59 2017 Thursday ,19 October

Arab tradition glitters in Colombia
Arab Today, arab today Second US judge orders freeze

GMT 08:04 2017 Thursday ,19 October

Second US judge orders freeze
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Silent Republicans have their reasons

GMT 16:55 2017 Thursday ,19 October

Silent Republicans have their reasons
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Sidem reveals plan to improve education

GMT 15:52 2017 Friday ,06 October

Sidem reveals plan to improve education
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mercedes says recalls 400,000 UK cars

GMT 06:56 2017 Tuesday ,17 October

Mercedes says recalls 400,000 UK cars
Arab Today, arab today Britain's Vauxhall to cut 400 jobs

GMT 10:53 2017 Sunday ,15 October

Britain's Vauxhall to cut 400 jobs
Arab Today, arab today Hussein Fahmy happy for honoring in festival

GMT 07:47 2017 Tuesday ,17 October

Hussein Fahmy happy for honoring in festival
Arab Today, arab today Climate-disrupting volcanoes helped topple

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 09:31 2017 Monday ,16 October

Dalal Abdel Aziz happy for “Seventh Neighbor”

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 18:29 2017 Sunday ,03 September

Designer produced new set of ornaments

GMT 05:11 2017 Tuesday ,17 October

Three killed, 360,000 without power

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 23:42 2017 Monday ,16 October

Better Marriages Make

GMT 06:52 2017 Monday ,16 October

Airbus CEO says won't cling to job

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 19:29 2017 Tuesday ,29 August

Yomna: decoration leaved positive effects
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday