COVID-19: Another Blow to Nepal’s Economy

So far, Nepal has reported only five coronavirus cases and somehow managed to escape the worst.

But it is quite evident that the country can’t shake off the tremors due to the catastrophic impact of coronavirus on the world.

According to the Nepali Finance Minister Yuba Raj Khatiwada, the nation’s economic growth would not meet the target set for the ongoing Fiscal Year 2019-20 due to the COVID-19.

He said that the economic growth will fall to 2% or 1% based on the period of the coronavirus pandemic.

“This is a rough estimation, though. It cannot be exactly said right now as the graphics of the novel virus infection is going up almost every day across the world,” exclaimed Minister Khatiwada.

The fall in economic growth is primarily attributed to the fact that the important time for development projects that starts in February is currently reeling under coronavirus lockdown.

The coronavirus has already impeded the income from the tourism industry and foreign employment.

The decisions to combat COVID-19 including cancellation of the Visit Nepal 2020 campaign, suspension of the upcoming Everest Expedition and nationwide lockdown have thrown a spanner in the nation’s economic growth.

Earlier, the Nepali Government has set an economic target of 8.5% for the FY 2019-20.

So far, coronavirus has disrupted every economy in the world and has infected 943,730 people while claiming 47,301 lives.