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Wednesday, April 3, 2019

ADB projects Nepal’s economic growth at 6.2% for this fiscal year

Kathmandu, April 3

The Asian Development Bank says Nepal’s economic growth will be at 6.2 per cent for this fiscal year 2018-19.

It will be just 6.3 per cent the next year, according to the Bank’s macroeconomic update.

“The outlook is for a stable growth on the back of strong domestic demand, fuelled by a larger budget allocation to subnational governments and accelerated post-earthquake reconstruction,” said ADB Country Director for Nepal, Mukhtor Khamudkhanov.

“Challenges to smooth implementation of fiscal federalism and maintaining fiscal discipline at large could pose potential risks to the outlook,” he added, “Nepal has the potential to achieve and sustain higher growth rate over a long period of time if these challenges are addressed.”

The Bank predicts that the agriculture sector will likely grow up to 4.5 per cent from 2.8 per cent of the previous year, “owing to a good monsoon that is expected to boost paddy production to 5.5 million tons, a rise of 8.4% from the previous year.”

Likewise, the industry sector is expected to expand by 7.1 per cent this yet due to improved electricity supply and efforts to improve the investment climate.

“And the services sector will likely grow by 6.4% in FY2019 with the expansion of wholesale and retail trade, hotels and restaurants, and financial intermediation.”

from OnlineKhabar https://ift.tt/2OHtRMC

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