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ADB projects Nepal's growth rate at 5.5 percent in 2015

Xinhua, September 4, 2015 Adjust font size:

Nepal's economy may grow by 5.5 percent in the current fiscal year, which is 0.5 percent lower than the government's projection, according to the Asian Development Bank (ADB).

Nepal's government has a target of 6 percent growth in the budget for the current fiscal year.

According to ADB's Macroeconomic Update released here on Thursday, the growth rate is possible on the back of agricultural growth, pace of reconstruction work and revival of tourism.

ADB Country Director Kenichi Yokoyama said, "The goal would be met if the growth rate of agriculture sector increased by 2.5 percent and the non-agriculture sector by 7.7 percent."

Beside agriculture, the pace of reconstruction works and tourism revival followed by the April 25 massive earthquake are the major elements for economic growth. It has also mentioned other indicators like infrastructure development, improvement of the service sector and increased flow of remittance.

However, ADB warned that the target could not be met if the political unrest continued and the monsoon rainfall became unfavorable.

Meanwhile, the Manila-based multilateral donor has projected inflation to grow by 9.5 percent in worst scenario and 8.5 percent in better supply. Endi