Nepal�s economy likely to contract first time in decades

Xinhua, KATHMANDU: The Nepal Rastra Bank (NRB) said that Nepal’s economy could contract for the first time in more than three decades as the result of an “undeclared Indian embargo.”
It is the first official document regarding the economic impact of alleged Indian blockade on Nepal.
Nepal’s economy had witnessed a negative growth in the fiscal year 1982-83, according to the central bank.
The central bank also said the “blockade” was likely to push 3 per cent of the Nepal’s population under the poverty line as income and employment of people living in southern plain had been hit hard.
A deadly earthquake on April 25 is estimated to have pushed over 700,000 people under the poverty line as per the Post Disaster Need Assessment Report.
The NRB said the economy could contract by 1 percent this fiscal year 2015-16, if the two-month-long “blockade” prolonged until mid-January.

Nepal�s economy likely to contract first time in decades

Xinhua, KATHMANDU: The Nepal Rastra Bank (NRB) said that Nepals economy could contract for the first time in more than three decades as the result of an undeclared Indian embargo. It is the first official document regarding the economic impact of alleged Indian blockade on Nepal. Nepals economy had witnessed a negative growth in the fiscal year 1982-83, according to the central bank. The central bank also said the blockade was likely to push 3 per cent of the Nepals population under the poverty line as income and employment of people living in southern plain had been hit hard. A deadly earthquake on April 25 is estimated to have pushed over 700,000 people under the poverty line as per the Post Disaster Need Assessment Report. The NRB said the economy could contract by 1 percent this fiscal year 2015-16, if the two-month-long blockade prolonged until mid-January.