First Business News Portal in English from Nepal
KATHMANDU: Nepal’s economy has incurred loss worth Rs 322 billion due to the COVID-19 spread, as per a study conducted by National Planning Commission (NPC).
Pushpa Kandel, Vice-Chairman of NPC, presented a report at National Development Problems Solution, stating that the economy had to bear loss worth the given amount due to the pandemic and unfavorable circumstances created by it.
As per the study report, Nepal’s agriculture sector has faced loss of Rs 12 billion while non-agricultural sector has incurred Rs 310 billion loss.
Meanwhile, the NPC study also shows that country achieved 0.6 percent economic growth in the last fiscal year against 2.27 percent economic growth projected by the Central Bureau of Statistics (CBS) earlier.
In a bid to revive the economy from the COVID-19 shocks, the NPC has projected the need of Rs 665 billion financial resources.
As per the commission, country requires Rs 242 billion for the short term, Rs 287 billion for the medium term and Rs 135 billion for the long term to revive the economy.
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