Nepalese economy grows in snail’s pace this FY; CBS calls it 5.89% while Finance Ministry reportedly coerced to make it 6; ADB and WB projects it further down to 4.6 and 4.9% respectively

In yet somewhat grim note of our economy, Central Bureau of Statistics has projected our national economy and GDP to grow at a rate of 5.89% this fiscal year. Growth in this rate as per the data shall expand the size of our economy to Rs 30 kharba this FY.

However, there have been some controversies regarding the growth rate of our national economy as many reports appeared in different media that the Bureau of statistics was being pressurized by the Ministry of Finance to abnormally jack up the growth rate. The new data was made public against the backdrop that the budget for the current FY had expected the economy to scale up by 7.2% nevertheless, the foreign multilateral aid agencies like World Bank (4.9%) and ADB (4.6%) have been projecting a lower growth rate in comparison to what the CBS and FM have projected.

This year, the growth of economy have been congested due to the insignificant growth rate of 2.82% in agriculture and 7.1% growth rate in non-agriculture sector.