Nepal's economy to worsen without global help
With growth already slowing, the country has little scope to fund a major reconstruction effort on its own
New Delhi
NEPAL'S economy was already slowing before a 7.8-magnitude earthquake killed at least 3,900 people from the capital Kathmandu to the unforgiving slopes of Mount Everest. Now, near-term growth is set to contract without the world's help.
"Kathmandu is central to the nation's economy, and it's crippled," Madhukar SJB Rana, a former finance minister, said on Sunday after spending the night outdoors amid countless aftershocks. "The extent of the impact depends both on the magnitude of the disaster but also on the resources and capacity to cope. We don't have that."
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Biden now calls ally Japan ‘xenophobic’ along with China, Russia
Japanese companies struggle with yen’s continued weakness
Australia’s March goods trade surplus narrows to more than 3-year low
Hong Kong holds rate as Fed signals inflation concerns
Australian business strength is shocking even its biggest lender
South Korea’s factory activity shrinks in April, but optimism about outlook ticks up