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Deputy Prime Minister and Finance Minister Bishnu Paudel has said that there is a challenge in achieving the targeted economic growth for the current financial year. Presenting the half-yearly review of the budget for the current fiscal year in Parliament on Thursday, Finance Minister Paudel said that achieving the targeted economic growth is challenging.
In the current fiscal year, the government has set a target of 6 percent economic growth. On the other hand, the World Bank has predicted that the economic growth rate, which decreased to 3.9 percent last year, will reach 5.1 percent this fiscal year. The government claims that the basis for economic activity and expansion of the economy as a whole has been prepared. However, the growth rate of sectors including construction, production and processing, wholesale and retail trade is not satisfactory. Experts say that if there is no improvement in these areas, it will be difficult to achieve the target economic growth rate in this financial year.
The National Statistics Office has predicted that the country's economic growth rate will be around 3.5 percent in the first quarter of the current financial year 081/82. The first quarter gross domestic product (GDP) report published by the office in the third week of last January, compared to the first quarter of the previous financial year, initially estimated that the economic growth will be 3.4 percent in the same period of this year. During that period, the construction sector is projected to be negative and the expansion of some other sectors will shrink. According to the
office, positive economic growth is seen due to the increase in agricultural production, electricity generation and distribution, tourism arrivals and the total value addition of the hotel sector. In addition to this, the growth in the transport sector, the growth in health services, and the growth in the public administration sector have led to a positive growth in the overall economy. It is mentioned in the report that the growth of the economy remained normal due to the negative effects of floods and landslides during this period and the growth of the construction sector could not be positive.
