Submit your Article

Nepal’s economy has emerged strongly from the pandemic with GDP estimated to have grown by 5.8 percent in the fiscal year 2022, up from 4.2 percent in 2021, a new World Bank Report has said.

Growth was driven by industry and services benefiting from post-pandemic demand and generous financing conditions. Agricultural growth, by contrast, slowed due to unseasonal rains, according to South Asia Economic Focus 2022.

 According to the report, average consumer inflation rose from 3.6 percent in 2022 to 6.3 percent in 2022, including price increases in transportation, education, and housing. Inflation has been broad-based, and the rising cost of basic necessities negatively impacts the poor and vulnerable.

The rapid increase in domestic demand, coupled with rising prices for imported goods, fueled imports early in 2022. By contrast, remittances - Nepal’s largest source of foreign exchange earnings – did not begin growing again until late 2022 and have remained below 2021 levels as a percentage of GDP, the report reads.

Remittances are an important income for households and impact welfare across the distribution. As a result, the current account deficit (CAD) widened to 12.8 percent of GDP in FY22, which Nepal opted to finance through concessional borrowing, trade credits, and a drawdown in reserves which declined from USD 11.8 billion in mid-July 2021 to USD 9.5 billion in mid-July 2022, equivalent to 6.9 months of import cover.

Growth estimates for the South Asia region comprising India, Pakistan, Afghanistan, Bangladesh, Sri Lanka, Nepal, Bhutan and the Maldives — were revised down to 5.8 per cent from 6.8 per cent forecast in June.

The Royal Swedish Academy on Friday jointly awarded the 2022 Nobel Peace Prize to human rights advocate Ales Bialiatski from Belarus, the Russian human rights organization Memorial and the Ukrainian human rights organization Center for Civil Liberties.  "BREAKING NEWS: The Norwegian Nobel Committee has decided to award the 2022 #NobelPeacePrize to human rights advocate Ales Bialiatski from Belarus, the Russian human rights organization Memorial and the Ukrainian human rights organization Center for Civil Liberties," the official Twitter handle of the Nobel Prize said. "The #NobelPeacePrize laureates represent civil society in their home countries. They have for many years promoted the right to criticize power and protect the fundamental rights of citizens," the tweet added.  The organizations have made an outstanding effort to document war crimes, human right abuses and the abuse of power. Together they demonstrate the significance of civil society for peace and democracy. The Russian human rights organization Memorial was established in 1987 by human rights activists in the former Soviet Union who wanted to ensure that the victims of the communist regime's oppression would never be forgotten.  "Memorial is based on the notion that confronting past crimes is essential in preventing new ones. The organization has also been standing at the forefront of efforts to combat militarism and promote human rights and government based on rule of law," the Academy said in a tweet. The Center for Civil Liberties, another awardee of the 2022 Nobel Peace Prize, was founded for the purpose of advancing human rights and democracy in Ukraine. It has taken a stand to strengthen Ukrainian civil society and pressure the authorities to make Ukraine a full-fledged democracy. After Russia's invasion of Ukraine in February 2022, the center has engaged in efforts to identify and document Russian war crimes against the Ukrainian population.  The center is playing a pioneering role in holding guilty parties accountable for their crimes. Last year, journalists Maria Ressa of the Philippines and Dmitry Muratov of Russia won the 2021 Nobel Peace Prize.  The 2021 peace prize laureates are representative of all journalists who stand up for this ideal in a world in which democracy and freedom of the press face increasingly adverse conditions. Dmitry Muratov, a Russian journalist and the editor-in-chief of the newspaper Novaya Gazeta, was awarded the 2021 Nobel Peace Prize and has for decades defended freedom of speech in Russia under increasingly challenging conditions. In 1993, he was one of the founders of the independent newspaper Novaja Gazeta. Maria Ressa, co-founder and CEO of the Philippines-based news website Rappler. She uses freedom of expression to expose abuse of power, use of violence and growing authoritarianism in her native country, the Philippines. (ANI)

Three members of the same family have died in a landslide in Chandragiri. Police said that Raju Shrestha, his wife Rekha Shrestha and daughter Sarathi Shrestha of Kavre were buried in a landslide near Deurali in Chandragiri Municipality-2. According to the police, they died when the landslide occurred while they were sleeping in the Reiki Meditation Center.

Currently Nepal is under the influence of a low pressure area in and around the Bay of Bengal in central-west. Due to this, light to moderate rains will occur across the country, according to the Weather Forecast Division. Karnali and Sudurpaschim provinces will have normal to full change in weather, while the rest of the provinces will have partial to normal, the department said. Similarly, there is a possibility of light to moderate rain with thunder and lightning at many places in Lumbini, Karnali and Sudurpaschim provinces and some places in the remaining provinces. Heavy rain is likely at some places in Sudurpaschim Province, a few in Karnali Province and one or two places in Lumbini and Gandaki Provinces. The department has also requested to take necessary precautions as the water level in rivers and canals may rise causing floods and other natural disasters.