Weekly Economic Update (24 April 2024–30 April 2024)
2 min readMay 1, 2024
- Significant FDI from India- India is prominently recognized as the foremost provider of Foreign Direct Investment (FDI) to Nepal. Based on the survey report, as of mid-July 2022, Nepal has garnered FDI stock valued at NPR 88.59 billion from India.
(Source:https://theprint.in/economy/india-largest-source-of-foreign-direct-investment-in-nepal-contributes-to-economic-growth/2062384/) - Esewa honored by NRB — During the 69th celebration of Nepal Rastra Bank(NRB) Esewa Money Transfer was recognized for its remarkable achievement in remittance inflows, constituting 12.1% of the nation’s total remittances for the fiscal year 2022/23. (Source:https://www.sharesansar.com/newsdetail/nrb-honors-esewa-money-transfer-for-boosting-nepals-economy-through-remittances-2024-04-29)
- Nepal Investment Summit ends on a high note — The Nepal Investment Summit 2024 comes to an end. For four projects in Nepal, investments totaling more than NRs 9 billion have been approved. There were 2,500 attendees at the third investment event, including 800 prospective foreign investors. (Source:https://www.business-standard.com/world-news/nepal-investment-summit-concludes-funding-worth-nrs-9-billion-approved-124042901233_1.html)
- Positive notes on the country’s economy — The governor of NRB, Maha Prasad Adhikari, stated that despite a decline in the economy and low loan demand, the external sector of the economy showed encouraging indicators in 2080 BS. (Source:https://risingnepaldaily.com/news/42130)
- Rapid surge in tourism industry — The Nepal Tourism Board reports that 128,167 visitors came to Nepal in March 2024. There had been 99,426 visitors as of March 2023. The number of tourists arriving this year has increased by 28.9% over the previous one.
(Source:https://nepaldesk.com/news/nepal-tourismmarch-2024) - Goal of achieving Rs 10.5 Trillion GDP — The goal of reaching the GDP consumer price of Rs 10.5 trillion in the fiscal year 2085/86 BS was declared by the National Planning Commission (NPC), which is in charge of drafting the 16th five-year plan.
(Source:https://myrepublica.nagariknetwork.com/news/govt-aims-to-surpass-rs-10-trillion-gdp-mark-in-next-five-years/) - Optimistic outlook for Fiscal Year — According to the annual account projections provided by the National Statistics Office, Nepal is predicted to increase by 3.87% in the current fiscal year under the optimistic scenario with recovery of trade and robust growth in tourism.
(Source:https://kathmandupost.com/money/2024/05/01/nepal-to-grow-3-87-percent-says-statistical-agency) - China’s economic diplomacy for Nepal- As part of Beijing’s redoubled economic diplomacy for Nepal, China on Sunday announced that visa fees for Nepali nationals would be waived as of May 1 and that commercial planes would begin to arrive at the country’s two new international airports. (Source:https://kathmandupost.com/money/2024/04/29/neighbours-india-and-china-make-tall-promises-at-nepal-investment-summit)
- Balancing cultural heritage — The preservation of cultural legacy fluctuates between emphasizing heritage from an economic or cultural perspective. In addition to supporting local communities and igniting preservation movements, conservation activities boost tourism.
(Source:https://kathmandupost.com/columns/2024/04/29/redefining-heritage-conservation) - 17th China-Nepal economic and trade fair-The 17th China-Nepal Economic and Trade Fair is scheduled to take place in Kathmandu from April 29 to May 3. The primary aim of the fair is to enhance the bilateral commercial and trade ties between China (Tibet) and Nepal.
(Source:https://risingnepaldaily.com/news/42146)
