The assassination of the Iranian Major General Soleimani by US forces on January 3, 2020 has escalated tensions, globally.<\/p>\n
Significantly, the incident is expected to have grave repercussions on the economy of South Asian countries like Nepal.<\/p>\n
Nepal is one of the prominent countries highly dependent on remittances from the Gulf.<\/p>\n
Nepal annually earns USD 6.5 billion remittances worth 31% of the nation\u2019s GDP from overseas workers predominantly from the Gulf.<\/p><\/blockquote>\n
Around 1.5 million Nepalis are working in the Gulf countries.<\/p>\n
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- 600,000 in Qatar<\/li>\n
- 350,000 in Saudi Arabia<\/li>\n<\/ul>\n
So, any potential rivalry between Saudi Arabia and Iran will give rise to repercussions on oil prices and eventually affect the Nepali economy.<\/p>\n
Earlier, attacks on two oil tankers near Strait of Hormuz has led to the rivalry between Saudi Arabia and Iran. The price of oil has increased by 4% as a result of this incident.<\/p><\/blockquote>\n
Moreover, the closure of India-Pakistan air space and Saudi-UAE blockade have already affected the air routes from western countries to Nepal which resulted in the decrease of foreign tourist arrivals.<\/p>\n
So, any further escalation in the tensions between Gulf countries will have negative implications on Nepali tourism<\/a>.<\/p>\n
Top recipients of remittances in 2018<\/h2>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
The assassination of the Iranian Major General Soleimani by US forces on January 3, 2020 has…<\/span><\/p>\n