Weekly Economic Update (06 March 2024–13 March 2024)
2 min readMar 15, 2024
- Prime Minister Dahal appoints new Ministers — Prime Minister Pushpa Kamal Dahal appointed 16 new ministers and expanded the Council of Ministers, with President Ramchandra Paudel administering their oath of office.(Source:https://kathmandupost.com/national/2024/03/06/prime-minister-dahal-expands-cabinet-1709735791 )
- 400 Climbers Set to ascend Mt.Everest — According to the General Secretary at Expedition Operators Association Nepal, at least 400 foreign climbers have booked to climb Mount Everest during Spring 2024. Preparations are underway, including fixing climbing routes, facilitating medical doctors at the camp, and supplying climbing logistics. (Source: https://thehimalayantimes.com/nepal/over-400-foreign-climbers-attempting-mt-everest-in-spring-season )
- Decline in Nepal’s trade deficit by 1.8% — Nepal’s trade deficit dropped by 1.8% to NPR 811.11 billion in the initial seven months of 2023/24 mainly due to reduced exports and imports. Export-import ratio decreased from 10.2 percent in the corresponding period of the previous year to 9.7%. (Source: https://english.aarthiknews.com/trade-deficit-declines-by-marginal-2-percent )
- Nepal requests for support from World Bank — In a meeting with Faris Hadad-Zervos, the World Bank’s Country Director for Maldives, Nepal, and Sri Lanka, newly appointed Finance Minister Barsharam Pun requested increased support from WB-funded projects like Upper Arun Hydropower, Digital Nepal Acceleration, Provincial and Local Roads Improvement. (Source: https://english.aarthiknews.com/finmin-asks-wb-to-increase-it-assistance-to-nepal )
- Nepal’s high forex reserves drew mixed reactions -Nepal’s foreign reserves surged to NPR 1.84 trillion in mid-February amid stagnant investment, reduced imports, and increased labor emigration. While the government is pleased, economists express concern over possible signs of economic slowdown. (Source: https://kathmandupost.com/money/2024/03/11/worry-as-nepal-s-forex-reserves-soar-to-record-rs1-84-trillion )
- Finance Minister Pun invites US investors — Finance Minister Barshaman Pun has called upon investors from the United States to participate in the upcoming Third Nepal Investment Summit set to take place in April, emphasizing potential sectors for investment like agriculture, industry, and information technology. (Source: https://www.newbusinessage.com/Articles/view/20471)
- Nepal is ahead in reducing the gender divide — Nepal achieved the highest score in South Asia for narrowing the gender gap in opportunities and outcomes, surpassing Bhutan (75), India(74.4), Pakistan(58.8), Bangladesh(49.4). (Source: https://kathmandupost.com/money/2024/03/08/report-shows-nepal-ahead-in-closing-gender-gap-ground-reality-is-different)
- Remittance to productive sector — Nepal received Rs 839 billion in remittance in the first seven months of the current fiscal year 2023/24. This amount is 21.6% more than that of the first seven months of the previous fiscal year.
(Source:https://myrepublica.nagariknetwork.com/news/take-measures-to-channelize-remittance-to-productive-sectors/#/google_vignette) - Consumer price inflation decrease — Consumer price inflation fell to 5.0% in mid-February 2024, a considerable decline from the 7.88% recorded the year before, according to the macroeconomic and financial status report by Nepal Rastra Bank. (Source : https://www.b360nepal.com/detail/22018/consumer-price-inflation-moderates-to-5-pc-in-mid-feb-nrb)
- External sectors remain challenging -Nepal’s public finance metrics are not up to par as reflected by low tax collection, restricted capital investment, growing recurrent expenditure, and rising public debt. (Source: https://risingnepaldaily.com/news/40051)
