KATHMANDU: Recent flooding in Nepal has destroyed approximately one-tenth of the national economy, according to statements made by Finance Minister Swarnim Wagle.
Comparing the current disaster to historic events, Wagle noted that the severe floods of 1954 (2011 BS) caused economic losses equivalent to around one-sixth of the total national budget at that time.
The terrifying 1954 flood also had significant political ramifications in Nepal. Historical accounts connected to the disaster noted that the aftermath resulted in weakening political parties while strengthening the monarchy.
The financial figures presented by Wagle highlight the severe economic scale of the recent natural disaster. While the 1954 disaster impacted one-sixth of the government budget, the latest flooding has wiped out one-tenth of Nepal’s entire economic output.
