The economic damage from the Nepal earthquake is almost half of the country’s GDP


Originally posted on Quartz:

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.

Nepal's_GDP_growth_rate_Nepal's_GDP_growth_rate_chartbuilder

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.

The Nepal Economic Forum (NEF), an economic and policy research organisation, reported that the earthquake damaged 14 hydropower projects out of the at least 23 operational ones. This means a…

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