Nepal's handicraft exports are expected to plunge by 70 percent next year as only a few orders are trickling in with Covid-19 ravaging the world economy, handicraft entrepreneurs said. The drop in shipments will hit the income of small and medium-sized enterprises and the economy as a whole, they said.

The nationwide lockdown followed by movement restrictions spelled doom for Nepal’s small and medium-sized enterprises (SMEs) like handicraft that account for a large share of the country's foreign exchange earnings.

SMEs account for 2.36 million jobs, according to a study report released by Nepal Rastra Bank. At the end of the fiscal year 2017-18, the country's 275,433 registered SMEs contributed 22 percent to the gross domestic product.

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