Weekly economic updates (1st May 2024–7th May 2024)
2 min readMay 8, 2024
- Food prices still rising — According to the Food and Agricultural Organization (FAO), global food prices rose for the second consecutive month in April. The food price index gained 0.3 percent in April as compared to March due to significant increase in price of meat, grains, cereals, and vegetable oils.
(Source: https://www.newbusinessage.com/Articles/view/20889) - Industries do not meet minimum wage standards — Labor Audit Report (2080 BS) published by General Federation of Nepalese Trade Unions (GEFONT) reported that 21.7 percent of industrial enterprises still do not pay minimum wages to their workers. The figure has increased more than 6 percent from 15.3 percent in 2079 BS.
(Source: https://theannapurnaexpress.com/story/48637/) - NSO projects 3.87% economic growth — Nepal Statistics Office has projected Nepal’s economy to grow by 3.87% in the fiscal year 2023/24. Nepal’s economy is estimated to reach Rs. 5,704 billion in the same period. The government had targeted economic growth of 6% this fiscal year.
(Source: https://risingnepaldaily.com/news/42321) - NPR 13 billion concessional loan approved — Nepal’s government greenlights Rs. 13.33 billion concessional loans from the World Bank, among other decisions, revealed during a press briefing at the Ministry of Communications and Information Technology on May 3.
(Source: https://nepalnews.com/s/business/govt-approves-rs-13-33-billion-concessional-loan) - Above normal monsoon to reap bountiful harvest: The forecast of above-normal monsoon rains in Nepal offers hope for its agriculture-dependent economy. With nearly 80% of needed rainfall provided by the monsoon, improved crop yields are anticipated, potentially alleviating rural poverty and reducing food inflation through increased production and groundwater replenishment.
(Source: https://kathmandupost.com/money/2024/05/04/nepal-braces-for-above-normal-monsoon-this-year) - SEBON reduces broker fees — Securities Board of Nepal (SEBON) has implemented a 10% reduction in broker commission fees, effective from May 14. Under the new guidelines, the upper limit for fees will decrease from 0.40% to 0.36%, while the lower limit will be adjusted from 0.27% to 0.24%.
(Source: https://www.newbusinessage.com/Articles/view/20905 - Indigenous contributions and sustainable tourism: Indigenous populations in the Himalayan region have contributed to the natural beauty of popular tourist destinations by showcasing their original cultures and traditions. In order to achieve sustainable tourism, the key players in maintaining and safeguarding the natural beauty of tourist destinations can be identified and given priority.
(Source: https://myrepublica.nagariknetwork.com/news/experts-stress-recognition-of-indigenous-communities-rights-to-foster-sustainable-tourism/) - Revitalizing regional industries: There is a necessity of fostering home industries reliant on regional resources in order to boost regional product output and consumption.Previously accounting for over 14% of GDP, the industrial sector’s share has now decreased to less than 5%.
(Source: https://risingnepaldaily.com/news/42627) - Highlights from the Third Himal Media Mela 2024: The third Himal Media Mela 2024 took place which covered topics such as climate finance, risks to investigative journalists covering environmental issues, and the potential applications of artificial intelligence in newsrooms.
(Source: https://nepalitimes.com/news/the-political-economy-of-environment) - Nepal prepares for its largest iron excavation — The Department of Mines and Geology is poised to commence iron ore extraction from Jhumlabang in Rukum East, reportedly the largest iron ore reserve in Nepal. This project was also highlighted during the Third Nepal Investment Summit.
(Source: https://kathmandupost.com/money/2024/05/07/nepal-plans-its-biggest-iron-dig)
