The country’s Gross Domestic Product has increased to 6.8 percent in 2014 from 2.05 percent in 2013, the Prime Minister, while presenting the State of the Nation Report, said.
The economic growth projection by the World Bank and Asian Development Bank stands at 7.9 percent for the fiscal year 2014-15. They say it could go up to 8.4 percent by 2016.
Lyonchhen said government’s various initiatives have made it possible to see positive signs of the country’s economy. He said inflation had reached an all-time-high of 8.6 percent in 2013. “Youth unemployment crossed 7 percent. GDP growth fell to an all-time-low of 2.1 percent in 2013.”
The prime minister also stated the overall outstanding debt has increased to Nu 108.3 B as of June 2014 but the non hydropower loans have decreased from Nu 16.9 B in 2012-13 to Nu 11.2 B in 2013-14.
Lyonchhen also said Rupee situation has also improved with more reserves. The Rupee reserve stands at a little over Rs 10 B compared to Rs 1.5 B in 2012.
The Prime Minister also said the foreign currency reserves have increased to over US$ 800 M from US$ 770 M 2012
Total trade has increased from Nu 80 B in 2013 to Nu 92 B in 2014.
