Macroeconomic Update: Nepal (September 2023)
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This edition’s theme chapter assesses customs reforms and trade facilitation program in Nepal. It recommends to validating the use of e-signatures to speed up customs clearance, strengthening risk management system, and better coordination between the private and public sectors to promoting paperless customs, among others.
Nepal’s economy is anticipated to grow by 4.3% in fiscal year (FY) 2024 which ends on 16 July 2024, up from an estimated growth of 1.9% in FY2023. With moderation in inflation and comfortable foreign exchange reserves, the Nepal Rastra Bank (central bank) lowered the policy rate by 50 basis points to 6.5%Inflation is forecast to decline to 6.2% in FY2024 from 7.7% a year earlier on subdued increases in oil prices and a decline in inflation in India. With stable remittance inflows and higher imports, the current account deficit is expected to widen to 1.8% of GDP.
Contents
- Executive Summary
- Macroeconomic Update
- Theme Chapter: Effect of remittances on financial development, investment, and growth in Nepal
- Appendixes
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