• General
  • Trading
  • Science & Technology
  • Fashion
  • Health & Safety
  • Games
  • Key Issues
  • Legal & Judicial
  • Home
  • About Us
  • Contact Us
  • Submit News
  • Sitemap
Nepal News Gazette
Menu
  • General
  • Trading
  • Science & Technology
  • Fashion
  • Health & Safety
  • Games
  • Key Issues
  • Legal & Judicial
 › Key Issues › ADB PROJECTS NEPAL’S ECONOMY TO GROW BY 4.9 PERCENT IN FY2018

ADB PROJECTS NEPAL’S ECONOMY TO GROW BY 4.9 PERCENT IN FY2018

nepalnewsgazette.com April 11, 2018     Comment Closed     Key Issues

KATHMANDU, Asian Development Bank (ADB) has projected that Nepal's economy will grow at a slower pace of 4.9 percent in Fiscal Year (FY) 2018 from 6.9 percent in 2017.

In its "MacroEconomic Update Report" released in Kathmandu on Wednesday, the Asian lender projected that there is a slight upward revision of the 4.7 percent growth forecast published in its September edition last year, reflecting betterthanexpected harvest despite floods in midAugust.

This higher forecast hinges on the assumption of normal monsoon and acceleration of ongoing mega projects.

According to the preliminary data of the Ministry of Agricultural, Land Management and Cooperatives, paddy production will fall to 5.1 million tons, a decrease of 1.5 percent from a year earlier this fiscal year.

However, the production of other summer crops is expected to increase this year compared to the previous year.

"Even with increased capacity utilization of industries, industrial growth is set to be lowering in 2018 from the high rate in 2017, due to low investment in the manufacturing subsector for years owing to political instability and structural bottlenecks," the statement issued by ADB Nepal reads.

The report mentioned that the service sector will however remain buoyant given the expansion of wholesale and retail trade, financial intermediation and travel and tourism subsectors.

Average annual inflation is expected to rise moderately to 5.5 percent in 2018 from 4.5 percent in 2017. This is below the inflation target of 7.0 percent set by the central bank Nepal Rastra Bank.

Likewise, revenue collection increased by about 21.0 percent yearonyear in the first seven months of 2018 compared to a year earlier period. The report further stated that import growth has outpaced export growth leading to a widening trade deficit.

This edition of Macroeconomic Update sheds light on the importance of agricultural commercialization in Nepal and the need for its effective implementation by addressing legal, institutional, financial and infrastructural barriers.

With about onethird share of GDP, agriculture continues to provide livelihood to twothirds of the country's population, but mostly at a subsistence level," reads the statement.

The report stressed that commercialized agriculture via contract and cooperative farming methods can be one of the major sources of revenue generation for the country if practiced on a wider scale.

Source: NAM NEWS NETWORK

Key Issues

 Previous Post

US Mulls ‘Coordinated’ Response to Syria Gas Attack

― April 10, 2018

Next Post 

ROHINGYAS IN BANGLADESH WILL BE REPATRIATED TO MYANMAR SOON – VISITING MINISTER

― April 12, 2018

Author: nepalnewsgazette.com

Related Articles

nepalnewsgazette.com ― January 21, 2021 | Comment Closed

President expresses confidence Nepal-US ties will be deepened during Biden’s tenure

The top state officials have sent separate messages of felicitations on the assumption of high offices of the United States of America by the newly elected leadership there.President Bidya Devi Bhandari today sent a congratulatory message to Joseph Ro...

nepalnewsgazette.com ― January 21, 2021 | Comment Closed

NC President Deuba expresses gratitude

nepalnewsgazette.com ― January 21, 2021 | Comment Closed

India hands over 1 million doses of vaccines to Nepal

nepalnewsgazette.com ― January 21, 2021 | Comment Closed

Basnet selected coordinator of Press Organization

nepalnewsgazette.com ― January 21, 2021 | Comment Closed

Cadres’ supporters’ role impt. in party: CM Pokharel

nepalnewsgazette.com ― January 21, 2021 | Comment Closed

House of Representatives was dissolved as situation of horse trading emerged: PM Oli

nepalnewsgazette.com ― January 20, 2021 | Comment Closed

NC president calls for joining protest meet

nepalnewsgazette.com ― January 20, 2021 | Comment Closed

CM Poudel urges for political stability

Advertisement

Search News

Categories

Monthly Archive

Calendar

January 2021
MTWTFSS
 123
45678910
11121314151617
18192021222324
25262728293031
« Dec    

Key Issues

NC President Deuba expresses gratitude

― January 21, 2021

India hands over 1 million doses of vaccines to Nepal

― January 21, 2021

Basnet selected coordinator of Press Organization

― January 21, 2021

Cadres’ supporters’ role impt. in party: CM Pokharel

― January 21, 2021

Human Rights

Call to protect the life of Ganga Maya

― January 21, 2021

HoR dissolution-Hearing Continues

― January 21, 2021

NHRC urges for immediate payment to sugarcane farmers

― January 20, 2021

Seven involved in timber smuggling busted

― January 18, 2021

An adolescent girl dies of HIV infection

― January 18, 2021

Advertisement

As this website is one of the renowned online
news websites of the country, it has the status to determine the path to follow for both local and regional news industries.

Follow Us


Browse By Pages

  • Home
  • About Us
  • Contact Us
  • Submit News
  • Sitemap

Categories

  • General
  • Trading
  • Science & Technology
  • Fashion
  • Health & Safety
  • Games
  • Key Issues
  • Legal & Judicial
  • Home
  • About Us
  • Contact Us
  • Submit News
  • Sitemap
© Copyright 2021. All Rights Reserved. Nepal News Gazette