Policymakers and economists have said dominance of politics has dealt a blow to the country's economic development.

Speaking at an interaction "Global Economic Turmoil and Asia-Pacific's Economic Prospects: Implications for Nepal" organised by UNESCAP and SAWTEE in Kathmandu on Thursday, they said economic situation would not improve as long as politics continued to overshadow economic agendas.

Economist Bishwambher Pyakurel said lack of priority to economic agendas has also affected employment generation thereby creating unfavourable environment for investment in the country.

Similarly, Governor of Nepal Rastra Bank Yubaraj Khatiwada emphasised that investment should be rural centric, focusing on the poor along with basic education, health and social security.

Pointing out lack of proper policy to ensure equal access of resources and opportunity to all, Khatiwada urged the policymakers to formulate policies by keeping the economy in mind.

On the occasion, National Planning Commission vice chairman Dipendra Bahadur Ksherty mentioned that the government has been preparing to bring foreign investment in the country looking into the global and regional economic situations.

Ksherty also said that Nepal’s economy has been affected by the fluctuation in the price of oil, commodities and construction products internationally.

Nepal's trade deficit has surged by 13.4 percent to Rs 302.75 billion during the first 10 months of the current fiscal year compared to the same period of last fiscal year.

The import has increased by 13.6 percent to Rs. 363.20 billion while export increased by 14.5 percent to Rs. 60.45 billion during the review period. nepalnews.com