Weekly Economic Update (17 April 2024–23 April 2024)
3 min readApr 24, 2024
- Qatari Emir visits Nepal — The Emir of state of Qatar Sheikh Tamim bin Hamad Al Thani has arrived Nepal on 23 April, at the invitation of president Ram Chandra Paudel who is set to be engaged in high level meetings and discussions with president and prime minister during his two days state visit. (Source: Qatari Emir arrives in Nepal — The Himalayan Times — Nepal’s №1 English Daily Newspaper | Nepal News, Latest Politics, Business, World, Sports, Entertainment, Travel, Life Style News)
- EV imports slowed down — Even though Nepal is witnessing significant growth in EVs imports this fiscal year, the number has slowed down for the second consecutive month. A total of 7093 EVs worth Rs. 17.49 billion have been imported as of Chaitra in the year 2023/24. (Source: https://myrepublica.nagariknetwork.com/news/7-093-evs-imported-in-nine-months-import-growth-slows-down-in-chaitra/)
- Women in Dang flourish in handicraft ventures- Local women in the Dang district are generating significant earnings by producing handicraft items. The manufacturing of handicraft-related materials has become a notably lucrative avenue for them since they can earn up to Rs 30,000 per month. (Source: https://thehimalayantimes.com/business/handicraft-becoming-lucrative-business-for-women-in-dang)
- Tourist’s average expenses rose slightly — According to Nepal tourism statistics for 2023, tourists’ average spending rose to USD 41 from USD 40.50 in 2022. Additionally, the average duration of their stay increased from 13.1 days to 13.2 days during the review period. (Source: https://www.newbusinessage.com/Articles/view/20761)
- Trade relations with Russia- Sergei Katyrin, the President of the Chamber of Commerce and Industry of the Russian Federation, expressed his intention to proactively disseminate information about investment prospects in Nepal among Russian entrepreneurs and pledged to support Nepali businesses in exporting their goods to Russia. (Source: https://english.aarthiknews.com/nepal-russia-need-to-strengthen-their-bilateral-trade)
- Trade relations with Russia- Sergei Katyrin, the President of the Chamber of Commerce and Industry of the Russian Federation, expressed his intention to proactively disseminate information about investment prospects in Nepal among Russian entrepreneurs and pledged to support Nepali businesses in exporting their goods to Russia. (Source: https://english.aarthiknews.com/nepal-russia-need-to-strengthen-their-bilateral-trade)
- Bank’s NLP rises — In the nine months of this year, commercial banks experienced a rise in non-performing loans (NPLs), reaching 3.65% compared to last year’s 3.02%. This increase amounted to NPLs totaling Rs. 164.90 billion based on the banks’ total lending. (Source: https://myrepublica.nagariknetwork.com/news/banks-npls-escalate-to-an-alarming-3-65-percent-due-to-growing-cases-of-loan-default/)
- 286 new industries registered — According to the department of industry, in the initial nine months of the ongoing Fiscal Year 2023/24, 286 new businesses have been officially registered which includes 36 large, 27 medium, and 223 small industries. (Source: https://myrepublica.nagariknetwork.com/news/286-new-industries-registered-in-nepal-in-first-nine-months-of-current-fy-attracting-rs-165-billion-investment/)
- Lumbini conclave concluded — Several foreign delegates based in India and Nepal participated in the ‘Lumbini Conclave on Global Peace for Prosperity,’ convened on March 21–22 in Lumbini, Nepal. The event aimed to spotlight Lumbini as a destination, boost investment in Nepal, and foster international unity. (Source: https://www.msn.com/en-xl/news/other/nepal-dozens-of-foreign-delegates-attend-lumbini-conclave-on-global-peace-for-prosperity/ar-BB1knPtN)
- Nepal’s dismal foreign trade — In the first nine months of fiscal year 2023/24, Nepal exported goods worth Rs. 113 billion, but imports for just one month amounted to Rs. 137 billion, highlighting that nine months export could not even finance one month of imports. Import expenses fell by 2.84%, while export earnings dropped by 3.66%. (Source: https://myrepublica.nagariknetwork.com/news/nepal-s-nine-months-export-earnings-could-not-finance-its-one-month-s-imports-expense/)
