Wednesday 27th May 2020

COVID-19 Inflicts NPR 168 Billion Loss on Nepal Economy

The inflation rate has increased by 2.3% by April 12 in the current FY 2020/21.
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COVID-19 Inflicts NPR 168 Billion Loss on Nepal Economy

The coronavirus pandemic has disrupted economic activities across the global countries, including Nepal.

Even though the coronavirus cases in the country are low, Nepal has witnessed severe socioeconomic implications due to the pandemic.

The nationwide lockdown has halted almost all economic activities including mining, restaurants, tourism, Everest expedition, and sports events, among others leading to huge financial loss.

According to the Nepal Rastra Bank (NRB), Nepal has NPR 168 billion du e to the coronavirus pandemic in two months.

Meanwhile, the foreign remittance worth NPR 627 entered Nepal by April 12 in the current FY, down by 4% from last FY.

Nepal Money

According to the NRB, the remittance will further go down by 10% in the coming FY.

The foreign remittance has decreased drastically after the Nepali migrant workers in various countries have suffered a financial crisis due to the pandemic.

Meanwhile, the inflation rate has increased by 2.3% by April 12 in the current FY.

In contrast, foreign investment has increased despite the ongoing coronavirus crisis in the country.

According to the NRB, the Foreign Direct Investment (FDI) worth NPR 16.48 billion has entered Nepal in a period of nine months of the current FY.

So far, Nepal has reported 402 coronavirus positive cases and two death cases. However, 36 patients were discharged after a successful recovery.


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