Kathmandu. Nepal’s economic growth rate is expected to slow to 3.7 percent in the current fiscal year 2083 due to the impact of the Rasuwa Bhotekoshi floods on transport, hydropower, and industry. The World Bank has projected that it will be limited to 3.7 percent in the current fiscal year. According to the report released by the bank on Tuesday, economic activity will increase as the reconstruction of damaged structures and rehabilitation of the displaced after the devastating Rasuwa-Bhotekoshi floods on August 26 has accelerated. The growth rate is expected to increase to 5.2 percent in the next fiscal year 2084. <\/p>\n
The report titled ‘Nepal Development Update: Building Back Differently for the Future’ states that the extensive damage caused by the floods will have a negative impact on economic activities. According to the report, the severe floods in the Bhotekoshi River of Rasuwa on August 26 will affect power generation, production activities and movement of goods due to damage to hydropower, solar energy, power transmission lines and transport infrastructure. <\/p>\n
While the floods will have a major economic impact on the industrial sector, the service sector is also expected to be affected due to the disruption in trade, transport, tourism and financial activities. The report said that the damage to the agricultural sector can have a major impact on the households and local livelihoods in the flood-affected areas. <\/p>\n
Earlier, the World Bank’s preliminary assessment had described the Rasuwa floods as the worst flooding in Nepal since 1993. <\/p>\n
David Sislen, World Bank Division Director for the Maldives, Nepal and Sri Lanka, said that despite the huge human and economic damage caused by the floods, the reconstruction should be taken forward as an opportunity to make infrastructure and development systems more resilient. <\/p>\n
The NRB has suggested giving priority to re-assessment of multi-disaster risk, improvement in the location and design of infrastructures and construction of alternative structures rather than rehabilitating damaged structures.<\/p>\n","protected":false},"excerpt":{"rendered":"
Kathmandu. Nepal’s economic growth rate is expected to slow to 3.7 percent in the current fiscal year 2083 due to the impact of the Rasuwa Bhotekoshi floods on transport, hydropower, and industry. The World Bank has projected that it will be limited to 3.7 percent in the current fiscal year. According to the report released […]<\/p>\n","protected":false},"author":5,"featured_media":203934,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[45060,45159],"tags":[],"class_list":["post-318790","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate-en","category-news-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/318790","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/comments?post=318790"}],"version-history":[{"count":1,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/318790\/revisions"}],"predecessor-version":[{"id":318791,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/318790\/revisions\/318791"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/media\/203934"}],"wp:attachment":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/media?parent=318790"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/categories?post=318790"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/tags?post=318790"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}