nepal_top_newspaper
  • nepal_top_newsportal
  • nepal_top_newsportal
  • nepal_top_newsportal
  • nepal_top_newsportal
nepal_top_newsportal
annapurna post
×
logo
  • Home
  • Editorial
  • Society
  • Opinion
  • InDepth
  • Features
  • ApEx Pioneers
  • My Vision for Nepal
  • Politics
  • What If...?
  • Review
  • ApEx Series
  • Business
  • Interview
  • Mind Matters
  • Obituary
  • Spirituality
  • Auto & Tech
  • Illustration
  • Eating Out
  • Panorama
  • Online Exclusive
  • Making Nepal Better
  • Event
  • Sneak Peek
  • It's Time To...
  • Current Affairs
  • Long Read
  • Sports
  • Entertainment
  • Video
  • Series
  • Archive
  • About Us
  • Home
  • Editorial
  • Society
  • Opinion
  • InDepth
  • Features
  • ApEx Pioneers
  • Series
  • Video
  • Archive
  • About Us
nepal_top_newsportal

Covid-19 weighs heavy on Nepali economy

Industrialists say the national economy won’t regain previous rhythm unless all restrictions on free flow of people and vehicles are lifted

Tulsi Subedi
Tulsi Subedi published on 2020-09-24 14:09:00
  • change font
  • change font
  • change font

Prolonged complete or partial lockdown between April and August have been tough on the Nepali economy. The economy has been open for hardly a month in the past six months. During this time, say industrialists, 70 to 80 percent of economic activities in the country came to a complete halt.

Kishor Pradhan, vice-president of the Federation of Nepalese Chambers of Commerce and Industry, estimates that unemployment in the country is up by 80 percent and production has declined by as much. “From now, only the places with high number of infections should be under strict lockdown,” Pradhan recommends.

Former Nepal Rastra Bank Executive Director Nara Bahadur Thapa says the country can bear no more losses due to lockdowns and restrictions. “The economy is already in a critical stage,” he says.

Foreign Minister and government spokesperson Pradeep Gyawali has also spoken about the government’s obligation to keep the national economy afloat despite the health crisis.

Many daily wage workers have had to go hungry during the lockdown, says Thapa adding, “The Indian economy is also opening up despite the rapidly rising number of Covid-19 cases. We should do accordingly.” Thapa is optimistic that Covid-19 vaccines will soon be available.

As the economic crisis escalates, the government has decided to open up many areas. Industrialists are confident that economic activities will increase with the resumption of long-distance transport, hotels, restaurants, trekking, and domestic flights. Covid-19 has hit the service sector particularly hard. According to Thapa, only one-fourth of the service sector, which contributes 58 percent to the GDP, were in operation between April and August.

Likewise, agriculture contributes 27 percent to the GDP and, thankfully, the pandemic does not seem to have created many problems in the sector. Thapa is confident that despite the ongoing shortage of fertilizers, the contribution of agriculture to the GDP will not decline this year.

Industrialists are of the view that the national economy won’t regain its previous rhythm unless restrictions on free flow of people and vehicles are completely lifted. In this context, says FNCCI’s Pradhan, it is good to note that economic activities have picked up following the resumption of transport on September 20.

Sometime ago, officials of the Confederation of Nepalese Industries (CNI) had met President Bidhya Devi Bhandari and petitioned her against imposing another crippling lockdown that could potentially ruin the economy.

The government has also failed on its commitments. According to Pradhan, even though the monetary policy has clear refinancing provisions, banks have started tightening their screws on debt-saddled businesses. “Now there is talk of reducing the previous loan rate to five percent instead of refinancing,” Pradhan says. “It is sad that the government is unable to implement its own monetary policy.”

 

Related news

  • Covid-19 and Hindu politics in Nepal
  • Covid-19 pandemic exacerbates cyberbullying culture
  • APF’s strong border presence against Covid-19
  • Editorial: Covid-19 and Nepal’s foreign policy
  • Home-treatment of mild and moderate Covid-19 cases in Nepal
  • Have Covid-19? Worry not, help is at hand

Trending

  • NC ministers demand resignation of FinMin Sharma in Cabinet meeting
    2022-07-05
    1
  • Death toll in Ramechhap bus accident reaches 13
    2022-07-05
    2
  • Nepse drops by 46. 08 points on Tuesday
    2022-07-05
    3
  • Nepal reports 90 new Covid-19 cases on Tuesday
    2022-07-05
    4
  • 2 women found dead in Kathmandu
    2022-07-05
    5
  • One killed as bus hits motorbike in Bhaktapur
    2022-07-05
    6
  • Sankhuwasabha mass murder: 4 sentenced to life imprisonment
    2022-07-05
    7
  • Two more people test positive for cholera in Kathmandu
    2022-07-05
    8

nepal_top_newspaper

Publisher: Captain Rameshwar Thapa

Editor-In-Chief: Biswas Baral

Registration Number: 1294/075-76

Corporate Tower, Tinkune, Kathmandu

Post Box - 2499

Phone - 4482305/ 4482207/ 4469758

Email - info@amn.media,
theannapurnaexpress@gmail.com

Categories

  • Editorial
  • Society
  • Opinion
  • InDepth
  • Features
  • ApEx Pioneers
  • My Vision for Nepal
  • Politics
  • VIDEO
  • ARCHIVE
  • SERIES

Get Latest News!

We will send you breaking news right to your inbox

  • Terms & Conditions
  • Privacy Policy
  • Advertise
  • About Us
Powered By yarsha
© 2022 Annapurna Media Network. All rights reserved.