Valley
Govt unveils economic survey, projects 0.77 percent growth
The government on Thursday unveiled the economic survey for current fiscal year, projecting a growth rate of 0.77 percent.The government on Thursday unveiled the economic survey for current fiscal year, projecting a growth rate of 0.77 percent.
Finance Minister Bishnu Poudel presented the survey at the Legislature-Parliament. Poudel predicted that the Gross Domestic Product (GDP) will expand by 0.77 percent in the current fiscal year.
This is the lowest economic growth in 14 years, mainly due to over a four-month border blockade, months-long Tarai unrest and delayed reconstruction which hit the economy hard.
Government had predicted a growth of 6 percent while announcing this fiscal year’s budget. Finance Ministry had shelved that growth to two percent during its mid-quarterly review. However, hit hard by the Indian blockade and the Tarai protests, the growth was limited to a meagre 0.77 percent.
Earlier, the Central Bureau of Statistics (CBS) had predicted that the Gross Domestic Product (GDP) will expand by 0.77 percent in the current fiscal year. CBS prediction was made on the basis of economic data of the first nine months of the fiscal year 2015-16 and assumption that the situation will be normal for the remaining period.