ADB releases Nepal Macroeconomic update

Asian Development Bank Nepal announces Nepal Macroeconomic Update August 2014

Sept. 4, 2014, 5:45 p.m. Published in Magazine Issue: Vol: 08 No. -6 August. 29- 2014 (Bhadra 13, 2071)

ADB has released the latest Macroeconomic Update for Nepal (August 2014). This issue reviews and analyzes the macroeconomic updates on real, fiscal, monetary, and external sectors. As a result of the bumper agricultural harvest, moderate recovery in construction, and robust services activities backed by high remittance income, gross domestic product (GDP) grew by an estimated 5.2% in FY2014, up from 3.5% in FY2013. The major contribution to overall GDP growth came from the services sector, which grew at an estimated 6.1%, the highest in the last 6 years, on the back of the rise in remittance-induced consumption demand.

It explores the mainstreaming of environment for economic growth and poverty reduction. Currently, one of the major challenges faced by Nepal is to ensure not only a high and inclusive economic growth, but also to make it environment-friendly. Thus far, since growth is largely driven by exogenous factors such as monsoon-fed agriculture production and remittances-induced services sector growth, economic activities have been at best minimally damaging to the environment.

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