Nepal’s economy to grow by 6.94 pc in 2016-17

April 26, 2017

The Kathmandu Post, 25th April 2017, Post Report, Kathmandu

Nepal’s economic growth has been projected to grow by 6.94 per cent in the Fiscal Year 2016-17, as per the data released by Central Bureau of Statistics on Tuesday.

This is the highest growth since fiscal year 1993-94 when the economy expanded by 8.2 percent.

The country’s economy is projected to expand at the fastest pace in over two decades this fiscal year led by a bumper agricultural output, sharp decline in number of protests and steady supply of electricity.

The government’s preliminary growth forecast is higher than its previous estimate of 6.5 percent. This is probably the first time in the recent history that the government had beaten its own economic growth target.

The country is expected to achieve 23-year-high economic growth rate on the back of a good monsoon, which is expected to raise agricultural output, steady supply of electricity, which has eased problems of enterprises, and improvement in law and order situation due to sharp decline in protests, according to Chandra Kumar Ghimire, member secretary of the National Planning Commission, the parent body of the CBS.