A Vision for Nepal : Policy Notes for the Government, Volume 1. Synthesis Report

World Bank Group

A Vision for Nepal : Policy Notes for the Government, Volume 1. Synthesis Report

Autores

World Bank Group

Editor

Washington, DC

Descripción

Nepal needs a new economic model to achieve faster and sustained growth as well as further improvements in human development and poverty outcomes. Economic growth, while ro¬bust at around 4 percent annual average since 2005, is far from the level needed to achieve the government s ambitious targets. The economy, highly dependent on remittances, lacks the nec¬essary dynamism. While substantial gains have been made to reduce poverty and expand access to services, achieving further progress will require more determined and targeted state intervention. To redefine Nepal s growth model, public policy should focus on 3 I s: Investment, In¬frastructure, and Inclusion. Investment is the bedrock of a sustainable growth model but in Nepal, the state, firms and households critically under-invest, with gross fixed capital formation between 19.9 and 22.2 percent of GDP over the past decade (compared to 30 percent or more in fast-growing countries in East Asia). In order to unlock investment as well as to expand access to services and opportunities for all, public infra¬structure is critical, but Nepal is under-connected and under-powered. Finally, growth alone will not deliver continued fast progress on inequality and poverty reduction unless the growth model is calibrated for inclusion, which in turn can help sustain dynamic growth.

Palabras clave

ACCESS TO SERVICES, ACCOUNTING, AGRICULTURAL DEVELOPMENT, AGRICULTURAL INPUTS, AGRICULTURAL PRODUCTIVITY, AGRICULTURAL SECTOR, AIR, ASSET MANAGEMENT, BALANCE OF PAYMENTS, BANKING CRISIS, BANKING SECTOR, BANKING SYSTEM, BENEFICIARIES, BETTER ACCESS TO MARKETS, BOTTLENECKS, BRIDGE, BUDGET SURPLUS, BUDGETING, BUS, BUS SERVICES, CAPITAL ADEQUACY, CAPITAL BASES, CAPITAL FORMATION, CASH TRANSFER, CASH TRANSFERS, CONFLICT, CONFLICTS OF INTEREST, COST EFFECTIVENESS, COUNTRY RISKS, CREDIT GUARANTEE, CREDIT INFORMATION, CREDIT LINES, CREDIT REPORTING, CREDIT SQUEEZE, CURRENCY, DEBT, DECENTRALIZATION, DEPOSIT, DEPOSIT INSURANCE, DEVELOPING COUNTRY, DEVELOPMENT BANK, DRIVERS, DRIVING, ECONOMIC DEVELOPMENT, ECONOMIC DIVERSIFICATION, ECONOMIC GROWTH, ECONOMIES OF SCALE, ELASTICITY, EMERGING ECONOMIES, EQUITY INSTRUMENTS, EXCESS LIQUIDITY, EXCHANGE RATE, EXCHANGE RATES, EXPENDITURE, EXPENDITURES, EXPORT PERFORMANCE, FINANCE INFRASTRUCTURE, FINANCIAL CRISIS, FINANCIAL FLOWS, FINANCIAL INSTITUTION, FINANCIAL INSTITUTIONS, FINANCIAL MANAGEMENT, FINANCIAL PERFORMANCE, FINANCIAL STABILITY, FINANCIAL SUSTAINABILITY, FINANCIAL SYSTEM, FIXED CAPITAL, FOREIGN DIRECT INVESTMENT, FOREIGN EXCHANGE, FOREIGN INVESTMENT, FOREIGN INVESTORS, FUEL, FUEL SAVINGS, FUELS, GOVERNMENT GUARANTEE, GOVERNMENT GUARANTEES, GOVERNMENT INVESTMENT, GROSS DOMESTIC PRODUCT, GUARANTEE FUND, HUMAN CAPITAL, HUMAN CAPITAL DEVELOPMENT, HUMAN DEVELOPMENT, HUMAN DEVELOPMENT INDEX, HUMAN RESOURCES, IMPACT ON POVERTY, INCOME, INCOME DISTRIBUTION, INCOME GROWTH, INCOME INEQUALITY, INCOME TAX, INDEBTEDNESS, INDICATORS OF POVERTY, INFLATION, INFORMATION SYSTEM, INFRASTRUCTURE DEVELOPMENT, INFRASTRUCTURE INVESTMENT, INFRASTRUCTURE PROJECTS, INTERNATIONAL AIRPORT, INTERNATIONAL DEVELOPMENT, INTERNATIONAL FINANCE, INTERNATIONAL POVERTY LINE, INTERNATIONAL SETTLEMENT, INVESTING, INVESTMENT ACTIVITIES, INVESTMENT CLIMATE, INVESTMENT OPPORTUNITIES, INVESTMENT POLICY, INVESTMENT RATE, IRRIGATION, LABOR MARKETS, LAND TRANSPORT, LAND USE, LAND VALUE, LEASE AGREEMENT, LEGAL FRAMEWORK, LIQUIDITY, LIQUIDITY CRISIS, LIVING STANDARDS, LOCAL GOVERNMENT, LOCAL INFRASTRUCTURE, LONG TERM ASSET, MACROECONOMIC ENVIRONMENT, MARKET ACCESS, MARKET STRUCTURE, MICRO FINANCE, MOBILITY, MONETARY FUND, NATIONAL SAVINGS, NON PERFORMING LOANS, NPL, OLD-AGE PENSION, OPPORTUNITY COST, OPPORTUNITY COSTS, OUTPUT LOSS, PARTIAL RISK, PAYMENT DEFAULT, PAYMENT SYSTEM, PEAK DEMAND, PEDESTRIAN, PEDESTRIAN INFRASTRUCTURE, PER CAPITA CONSUMPTION, PHYSICAL ASSETS, POLITICAL STABILITY, POOR, POOR POLICY, POPULATION GROWTH, PORTFOLIO, PORTFOLIO DIVERSIFICATION, POVERTY ERADICATION, POVERTY ESTIMATES, POVERTY GAP, POVERTY IMPACT, POVERTY LEVELS, POVERTY LINE, POVERTY RANKINGS, POVERTY REDUCTION, PRIVATE CAPITAL, PRIVATE FINANCING, PRIVATE INVESTMENT, PRIVATE INVESTORS, PRIVATE TRANSFERS, PUBLIC FINANCES, PUBLIC INVESTMENT, PUBLIC TRANSPORT, PUBLIC WORKS, PURCHASING POWER, QUALITY OF TRANSPORT, QUALITY OF TRANSPORT SERVICES, RATES OF RETURN, RE-INVESTMENT, REAL INTEREST, REAL INTEREST RATES, REMITTANCE, REMITTANCES, REMOTE REGIONS, REPAYMENT, RESERVE, RETURNS, RIGHT OF WAY, RISK AVERSION, ROAD, ROAD NETWORK, ROADS, RURAL, RURAL AREAS, RURAL DEVELOPMENT, RURAL ECONOMY, RURAL INCOME, RURAL PHENOMENON, RURAL WATER, RURAL WATER SUPPLY, SAFETY, SAFETY NET, SAFETY NETS, SANITATION, SOCIAL IMPACTS, SOCIAL POLICIES, SOCIAL SAFETY NETS, SOLVENCY, STATE GUARANTEE, TARGETING, TAX RATES, TELECOMMUNICATIONS, TERMS OF CREDIT, TERRORISM, TRAFFIC, TRAFFIC MANAGEMENT, TRANSACTION, TRANSACTION COSTS, TRANSPARENCY, TRANSPORT, TRANSPORT FACILITIES, TRANSPORT INFRASTRUCTURE, TRANSPORT INVESTMENT, TRANSPORT INVESTMENTS, TRANSPORT SECTOR, TRANSPORTATION, TREASURY, TRIP, TRUE, TRUST FUND, URBAN TRANSPORT, VILLAGE DEVELOPMENT, WALKING, WAR, WITHHOLDING TAX