Although Nepal has managed to control the coronavirus spread, the country could not escape the economic implications due to the contagion.<\/p>\n
The coronavirus uproar in foreign countries has inflicted economic turmoil in Nepal.<\/p>\n
Lockdowns, travel restrictions and social distancing have drastically interrupted global economic activities. This, in turn, has disrupted the inflow of remittances to small economies like Nepal that partially depend on their migrant workers.<\/p>\n
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According to the World Bank, Nepal received USD 8.64 billion in remittances (27.3% of GDP) in 2019, among the highest in South Asia.<\/p>\n
However, a recent World Bank report has exclaimed that the remittances to Nepal could slump by around 14% or USD 1.2 billion in 2020.<\/p>\n