Can Nepal Achieve 7 per cent Economic Growth Rate?

‘Nepal has the potential to achieve 7% growth rate’

Nepal actually does have the potential to achieve a seven percent economic growth rate or more, like our two immediate neighbours – India and China. But in the present situation of political instability and uncertainty, it seems an almost impossible target. The World Bank has estimated Nepal’s economic growth to be not more than 3.8 per cent in the current fiscal year. 

We must focus on our major sectors such as agriculture, tourism, water resource etc if we are to attain speedy economic growth. We must increase our domestic production significantly if we are to achieve such a high growth rate. Increased domestic production will not only help reduce the ever-rising imports of several products but will also help us earn foreign currency by increased exports. Likewise, we must also be able to develop our education, health and social sectors. 

Finally, the government should create an investment-friendly environment by introducing matching policies and ensuring the security of investment – foreign as well as domestic.