World Economy

Nepal Facing Economic Challenges

Nepal Facing Economic ChallengesNepal Facing Economic Challenges

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, NewsNow quoted local media as reporting 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 said. Nepal has made a target to achieve economic growth of 4.5% 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% from its earlier projection of 4.6% for the fiscal year.