Economic Survey 2019/2020 [English Translation] This Economic Survey 2019/20 has been published incorporating details of economic activities, macroeconomic situation and major economic indicators and their analysis covering the first eight months of the fiscal year 2019/20.
Macroeconomic indicators till mid-March of fiscal year 2019/20 have remained satisfactory. During this period, inflation rate, balance of payment position, foreign exchange reserves, investment and financial indicators are observed becoming favorable to economic stability. Due to contraction in import and expansion in exports, there has been an improvement in trade deficit and balance of payment situation is in surplus in this period. Financial services have expanded significantly and foreign investment has increased encouragingly.
Towards the physical progress, consumption of electricity has gone up; import of electricity has been remarkably reduced and even export of electricity has commenced. Satisfactory achievement has been made in physical infrastructure development. Reconstruction has gained momentum and projects of national pride require some additional efforts for speedy implementation, But, in recent times, due to the coronavirus pandemic and various measures taken to prevent and control its outbreak, economic activities have been severely affected. Business and investment environment has become riskier; and hence, economic growth is preliminarily assumed to be low in current fiscal year. In coming days, it is necessary to move forward by focusing on the revival. – Economic Survey 2019/2020 [English Translation]
- The worldwide pandemic of coronavirus (COVID-19) has caused human losses as well as severely affected the global economy. Measures undertaken to prevent and control the transmission of this disease has disrupted the chain of production, supply and consumptions. Due to the COVID-19 pandemic, economic activities have been slowdown and expected to be contracted by 3.0 percent in 2020 as projected by International Monetary Fund (IMF)
- Macroeconomic indicators by mid-March of fiscal year 2019/20 are found satisfactory. Inflation rate, balance of payment situation, foreign exchange reserves, investment and financial indicators are found conducive to economic stability. Due to the contraction in import and expansion in export there is an improvement in trade deficit and balance of payments is in surplus.
- Per capita gross domestic product (GDP) (in current price) is estimated to increase by 7.5 percent in comparison to that of the last fiscal year and reach US Dollar 1,085 (Rs.126,018) in fiscal year 2019/20.
- In fiscal year 2019/20, the growth rate of primary, secondary and tertiary sectors is estimated to remain 2.5 percent, 3.4 percent and 2.0 percent, respectively. Accordingly, the contribution of primary, secondary and tertiary sectors to GDP is estimated to be 28.2 percent, 13.7 percent and 58.1 percent, respectively.
- The province-wise GDP growth rate estimation for fiscal year 2019/20 is the highest 4.1 percent in Sudurpaschim province and the lowest 1.2 percent in Bagmati province. Likewise, the estimated economic growth rate is 3.6 percent in Karnali province, 3.4 percent in Province 1, 2.7 percent in Gandaki province and 2.3 percent in Province 2.
- The absolute level of poverty is estimated to remain at 16.67 percent in fiscal year 2019/20, which was 18.7 percent in fiscal year 2017/18.
- With the addition of Rs.91.90 billion the total outstanding public debt has reached Rs.1139.80 billion by mid-March of fiscal year 2019/20, which was Rs.1047.90 billion in mid-July 2019. Of the total outstanding public debt Rs.440.05 billion is internal and Rs.699.75 billion externals.
- By mid-March 2020, there are altogether 162 banks and financial institutions including 27 commercial banks, 23 development banks, 22 finance companies, 89 micro finance companies and 1 infrastructure development bank are in operation. The number of branches of banks and the financial institutions including micro finances has reached 9,640. By mid-March of 2020, the branches of commercial banks have reached at 746 local levels. Sixty-one (61) percent of the citizens have at least one bank account in the bank and financial institutions.
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