Earthquake-ravaged Nepal is staring at a major economic crisis, with sectors like tourism and agriculture -- on which the country is heavily dependent -- thrown completely out of gear, industry body Assocham said today.


"At this point of time, a major economic crisis is looming over the Himalayan nation which, in any case, falls among the Least Developed Countries (LDCs). The biggest impact would be on tourism that contributes over 8 per cent of the country's GDP," the industry said in its assessment.


The industry body, which will soon be launching a "Rebuild Nepal Programme" in coordination with the Indian government, said reconstruction estimates vary between USD 10-25 billion.


Besides the contribution to the GDP, the tourism generates employment for hundreds of thousands of people engaged in the entire value chain of tours and travel. It contributes to 7 per cent of the country's total job creation.


"Hundred per cent cancellations have been reported from tour operators who do Nepal bookings. Several countries have given advisories to their citizens to avoid Nepal. All forms of transport have been damaged," Assocham said.