Nepal’s economic growth in negative trend says CBS

Central Bureau of Statistics (CBS) disseminates new base for National Accounts Statistics. According to CBS Rebasing of the National Accounts Series is the process of replacing an old base year with a new and more recent base year for computing constant price estimates. Rebasing is taken as an opportunity to address the limitations regarding methodology, definitions and data sources of National Account Statistics. As per CBS the first base year of National Accounts was 1964/65 and first Rebasing was done in 1974/75. In Nepal’s context Rebasing of National Accounts is done every ten years. Second, third and fourth Rebasing were done in 1984/85, 1994/95 and 2000/01. This is the fifth series of Rebasing of National Accounts.

According to Rebased National Accounts Statistics Nepal’s economy is in negative growth of 1.99 percent at basic price scenario. But as unveiled earlier as per the old base Nepal’s economic growth was 2.27 percent. Similarly, GDP growth rate at purchase price scenario is also in negative trend of 1.88 percent, while it was 2.28 percent at old base.

However, Nepal’s economy is in negative growth due to COVID-19 pandemic the economic growth in the first quarter of the fiscal year (2077/78) shows an increase from -15.4 to -4.6 percent growth.

CBS says the rebasing does not change the economic facts but it rather measures them better giving more reliable and timely measure of economic growth.

15th Periodic Plan in Infographics

National Planning Commission (NPC) has come out with Fifteenth Periodic Plan. According to NPC, the Fifteenth Plan has been formulated as the base plan to achieve fundamental rights, provisions including directive principles and policies of the state, the Sustainable Development Goals, global economic outlook, and commitments of the government made on different occasions. A scenario wrapped up with a roadmap of the LongTerm Vision 2043 has been developed for the next 25 years to fulfill the vision of “Prosperous Nepal, Happy Nepali”.
This long-term vision-2043 foresees the graduation from the least developed country (LDC) to a developing country by 2022 by achieving income growth, the formation of quality of human capital, and reduce economic vulnerabilities. It also envisages graduating to the upper-middle-income country by 2030 by achieving the SDGs. The vision is focused on building an equitable society based on social justice. The goals defined in this vision will be achieved by focusing investments in transformative programs through the mobilization of internal and external resources as well as through the development of the allied sectors of the economy.
Strategies of the Long-term Vision 2043 are as follows:
1. To achieve rapid, sustainable, and employment-oriented economic growth,
2. To ensure affordable and quality health care and education,
3. To develop internal and international interconnectivity and sustainable
4. To increase production and productivity,
5. To provide a comprehensive, sustainable and productive social security and
6. To build a just society characterized by poverty alleviation and socio-economic
7. To conserve and utilize natural resources and improve resilience, and27
8. To strengthen public services, enhance balanced provincial development, and promote national unity.