The initial estimates of the economic damage caused by the April 25 earthquake in Nepal are in—and the numbers are staggering.
The overall damage is estimated to be at about $10 billion, according to the Nepal government—nearly half of its gross domestic product (GDP) of $19.2 billion. According to IHS Global Insights, a research firm, the estimated cost for rebuilding homes, roads and bridges alone could run up to $5 billion.
For Nepal—one of the poorest countries in the world—rebuilding its ravaged economy will be particularly difficult after it suffered years of slow growth.
The country’s finance minister, Ram Sharan Mahat, said earlier this week that Nepal urgently needs short-term funding, while the government begins work on chalking out a long-term plan.
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