Nepal's economy signals gloomy outlook in current fiscal

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KATHMANDU, July 10 (Xinhua): Nepal's current fiscal year 2006-07 is ending in mid-July on a pessimistic note, The Kathmandu Post reported today.
According to the daily, almost all the vital sectors of economy are indicating that much-needed economic revival is something hard to achieve any time soon.
Most distressful is the dwindling economic growth rate, which has slipped to 2.29 per cent, lowest since the country recorded a negative growth in 2001-02.
Agriculture sector, which contributes nearly 33 per cent to the national economy, is estimated to grow by 0.62 per cent-lowest in 12 years. The plight of industrial sector is no less painful. Though the government predicts the manufacturing sector to grow by 2.16 per cent.
The problems in foreign trade have deepened further due to widening trade deficit. The continuously shrinking major exports like carpet, garment and pashmina and double digit growth in imports has widened the trade deficit to cross 100 billion Nepali rupees (some 1.5 billion US dollars) mark in the first 10 months.
The declining growth rate of remittance, which has shrunk to 3.1 per cent against last year's whopping 47 per cent growth, has emerged as a matter of concern.