The Opposition party in a press release on March 25, said economic growth rate has fallen from 5.76% in 2019 to negative 10.08% in 2020, per capita Income has fallen from USD 3418.83 in 2019 to 3129.86 in 2020, GDP has fallen by Nu.7 billion in 2020 and youth unemployment increased from 11.90% in 2019 to 22.60% in 2020.
It said actual domestic revenue in 2019-2020 fell short by Nu.7.080 billion, domestic revenue is projected to fall by Nu. 2.938 bn in 2020-2021 fiscal years, Fiscal deficit for 2021-2022 is projected at negative 8.59% of GDP, which is beyond the acceptable threshold and total resources (including grants and others) is projected to fall by 11.300 bn, from 2021-2022 to 2022-2023.
It said contractions in the following sectors are reflective of the health of private sector. Tourism contracted at -90%. mining and quarrying at -81.84%, Hotel and Restaurants at -73.46%, manufacturing at -20.76% and Construction at -20.64%.
It says that with the transition into new phase of the pandemic management, the opposition party specifically advises the Government to prioritize agriculture, construction, hydropower, tourism and hospitality, small, medium and cottage industries, manufacturing and mining sectors. Added efforts and focus need to be given to streamlining and augmenting exports.
The opposition party also strongly suggested the government to work on some concrete and serious fiscal and financial measures, both budgetary and taxation matters, and submit to the parliament.