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DISASTERS: EARTHQUAKES:
COUNTRIES: NEPAL:
Nepal Economy Shattered by Quake, Recovery to Take Years
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Nepal Economy Shattered by Quake, Recovery to Take Years
By THE ASSOCIATED PRESS
APRIL 30, 2015, 3:06 A.M. E.D.T.
New York Times
http://www.nytimes.com/aponline/2015/04/30/
world/asia/ap-as-nepal-earthquake-economy.html
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A shorter URL for the above link:
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http://tinyurl.com/pxj2n63
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KATHMANDU, Nepal What took moments to flatten will take years to rebuild.
In mere seconds a powerful earthquake devastated a swathe of Nepal.
Rebuilding the impoverished Himalayan nation's fragile economy will
require a long slog, financed by foreign aid and money from its army of
overseas workers.
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Initial estimates peg the economic damage from the temblor that killed
more than 5,000 people at billions of dollars. The tourism industry, a
pillar of the economy, has been shattered and it's unclear when the
travelers will return.
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"It's been devastating. Their tourism economy has obviously come to a
halt," said Rajiv Biswas, Asia-Pacific economist with IHS. "I don't know
when it would be realistic for tourists to again visit Nepal."
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Biswas forecasts the cost of reconstruction could exceed $5 billion or
about 20 percent of Nepal's economy. An initial estimate by the U.S.
Geological Service reckons damages of $1 billion to $10 billion. Other
analysts say it's far too early to assess the full cost.
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Tourism provides 7 percent of Nepal's jobs and accounts for 8 percent of
the economy, according to the Asian Development Bank.
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"I've had all my reservations cancelled. I have nil bookings left," said
Hari Man Lama, of Incentive Tours, a travel company in Kathmandu. "This
disaster is going to bring a big loss to the travel industry and to the
tens of thousands of people who depend on the tourists for their
livelihood."
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