Nepal is at the top of all nations in terms of foreign remittances as a percentage of GDP in 2016, said a recent report by a US-based think-tank.
The US-based Pew Research Center, in its analysis of World Bank report for 2016, concluded that Nepal is leading the way with an estimated USD 6.6 billion in remittances equivalent to 31.3 percent of the country’s GDP.
With regard to remittances by percentage of GDP, Nepal (31.3 percent) was followed by Kyrgyzstan (USD 2 billion, 30.4 percent of GDP), Tajikistan (USD 1.9 billion, 26.9 percent of GDP), among others.
Qatar, Saudi Arabia, India and the United Arab Emirates remained the biggest source of remittances for Nepal in 2016.
Nepal saw a GDP revenue of USD 21.1 billion in 2016, ranking 96th in the global ranking in terms of purchasing power parity.
According to the Pew Research Center, more than 1.6 million Nepalese were living in other countries in 2015.
According to the World Bank’s Migration and Remittances Factbook 2016 report, Nepal has been featuring among the top remittance recipient countries over the last three years.
When it comes to remittances (as a percentage of GDP), Nepal (29 percent) stood third in the list of largest remittance recipients following Tajikistan (42 percent) and the Kyrgyz Republic (30 percent) in 2015.
When it comes to remittances (by revenues) in 2015, Nepal (USD 6.6 billion) followed India (USD 72.2 billion), Pakistan (USD 20.1 billion) and Bangladesh (USD 15.8 billion) and Sri Lanka (USD 7.2 billion).
Nepal, with 29.2 percent remittances as a share of GDP, was also among the top 10 recipients in 2014.
Nepal was among the top ten immigration and emigration nations in 2013.
When it comes to migration corridors, Nepal featured among the top 10 list for forming migration corridors with India and Saudi Arabia.
Here, it is noteworthy that remittances to Nepal have almost doubled over the 2007-16 period boosting the country’s status as the top remittance-dependent nation.
According to UN’s International Fund for Agricultural Development (IFAD) report, ‘Sending Money Home: Contributing to the SDGs, One Family at a Time’, the contribution of remittances to Nepal’s GDP has grown from 17 percent in 2007 to 32 percent by 2016.
In a move boosting investment in Nepal, the Non-Resident Nepali Association (NRNA) has come forward to set up a Rs 10 billion worth investment fund to promote investment in the country.
NRNA President Bhawan Bhatta informed this at a meeting on January 30, 2018 while informing that the fund will be utilized for the infrastructure development required to promote investments.
On the occasion, NRNA highlighted key developments they are undertaking in Nepal, which includes the construction of Laprak Model Settlement in Laprak of Gorkha and a park on 32 ropanis land on the Bagmati River bank at Shankhamul at an investment of Rs 22.5 million.