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Nepal's economic growth to dip to 3.7 percent: World Bank

Xinhua, October 6, 2015 Adjust font size:

The World Bank has projected that Nepal's economic growth rate will to dip to 3.7 percent in the fiscal year 2015/16.

The projection is done on the basis of halt in economic activities in the country following the April 25 massive earthquake.

The report 'South Asia Economic Focus Fall 2015' states, "From an expected 5 percent, GDP growth dropped to 3.4 percent in 2014/ 15. This slowdown is expected to continue for at least one additional fiscal year."

According to a press release issued here on Monday, Nepal's economic growth had been adversely affected by the effects of earthquake, lessening of tourist arrivals, protests and nation- wide strikes, delays in adoption of budget among others.

Earlier, the government had set a 6 percent growth target for this fiscal year. The government's ambitious target was in consideration of donor aid pledges of 4.4 billion U.S. dollars for reconstruction of the quake-ravaged country.

However, the National Reconstruction Authority, an authorized body to look after rebuilding efforts, has not begun its tasks.

The Post Disaster Needs Assessment (PDNA) report estimated that there has been a physical damage of 5.2 billion dollars with an additional economic loss of 1.9 billion dollars in the devastating quake.

The World Bank's report further projects that economic growth in the Himalayan nation will accelerate only at the end of 2018. Endi