Finance Minister Dr. Swarnim Wagle released a detailed report on the current state of the economy on 14th Baisakh 2083 (Nepali calendar). The Ministry of Finance highlighted that the ongoing conflict in West Asia has added multiple layers of challenges to the Nepali workforce and remittance sector. Nepal has maintained an average economic growth rate of 4.2 percent but continues to face weaknesses in decent employment and capital expenditure.
Minister Wagle presented the report on 14th Baisakh 2083 in line with his commitments made when taking office on 13th Chaitra 2082. He stated, “Although Nepal is endowed with resources, potential, and goodwill, a lack of vision, resolve, and good governance has prevented it from achieving prosperity.” He also noted that the country’s economy has entered a phase of restructuring and upgrading.
The Ministry of Finance acknowledged that recent global geopolitical tensions and the ongoing war in West Asia have imposed multidimensional challenges on Nepal’s economy. According to the ministry, approximately 1.75 million Nepali workers are employed in 15 countries across West Asia, accounting for 37.4 percent of the nation’s total remittance inflows.
According to the economic status report from the Ministry, Nepal’s average economic growth over the last decade has been only 4.2 percent. During this period, the economy experienced fluctuations ranging from a contraction of 2.4 percent to growth as high as 9 percent. The ministry added, “This rating provides a positive starting point for Nepal, which will aid in attracting foreign investment and establishing financial credibility on the international stage.”
