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The World Bank has pointed out that remittances play a major role in reducing poverty in Nepal. According to the World Bank, Nepal has achieved remarkable success in poverty reduction by almost eliminating extreme poverty and the contribution of remittances is important in this.
In the report "Nepal National Economic Scenario: Potential for Economic Growth in Nepal Revealed" published on Monday, the World Bank said that in order to achieve strong economic growth in the future, Nepal should prioritize policy measures to open up internal opportunities.
Although Nepal's economic growth is far behind its regional counterparts, the World Bank has said. "During the period from 1996 to 2023, Nepal's economy grew at an average annual rate of only 4.2 percent, which ranks sixth among the eight countries in South Asia," the report said. As internal employment opportunities are limited, young workers are forced to go for foreign employment.
Although Nepal's success in poverty reduction is remarkable, the country's economic potential has not yet been fully utilized, said David Sislen, World Bank's Departmental National Director for Maldives, Nepal and Sri Lanka. "Nepal has a lot of potential to achieve strong economic growth through reforms such as increasing the return of immigration, increasing exports, efficient use of hydropower and promoting technology," he said.
The 16th plan of the government presents the vision of good governance, social justice and prosperity and it prioritizes ensuring productivity, competitive ability development, dignified and productive employment, social security, and easy upgradation from underdeveloped countries, said Shivraj Adhikari, vice chairman of the National Planning Commission. "The government of Nepal is committed to ensure a favorable policy environment for sustainable economic growth," he said.
