Nepal Economic Update, April 2014
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Washington, DC
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The enabling environment for the
development of Nepal has improved, but opportunities need to
be effectively leveraged through focused policy action.
Nepal has significant resources in the form of remittances
from abroad, but the economy cannot use these resources in a
productive manner to enhance the overall welfare of all
citizens. Specific priorities for development include: (1)
creating a growth promotion vision and agenda; (2)
resolution of Nepal's "fiscal paradox"; (3)
boosting investments; and (4) tackling enduring financial
sector risks and managing excess. After a difficult year in
FY13, the economy is poised to recover, albeit modestly. In
FY13, Nepal achieved only modest growth of 3.6 percent. This
was due largely to poor performance of the agricultural
sector as well as very modest levels of industrial activity.
Nepal s internal and external balances are sound but not for
the right reasons. Low expenditure and robust revenue
growth accounted for a large budget surplus and declining
debt. Nepal s external position is comfortable because of
large remittance inflows. On the external side, Nepal has
benefited from the depreciation of the rupee but also - and
much more significantly - from a sharp further increase in
inward remittances which are expected to amount to over 30
percent of GDP in FY14. Monetary policy has sought to
achieve a delicate equilibrium between controlling inflation
and supporting economic activity but the optimal balance may
evolve and call for corrections. For FY14, the outlook is
cautiously optimistic. As remittances have become a defining
feature of the Nepali economy the country must learn to
manage excess liquidity.
Palabras clave
ACCESS TO CREDIT, ACCESS TO FINANCE, ACCESS TO FINANCING, ACCOUNTABILITY, ACCOUNTING, AUCTION, AUDITING, BALANCE OF PAYMENT, BALANCE SHEET, BANK BALANCE SHEETS, BANK LENDING, BANK LIQUIDITY, BANK RATE, BANK RATES, BANKING INDUSTRY, BANKING SECTOR, BANKING SYSTEM, BID, BONDS, BORROWER, BROAD MONEY, BUDGET SURPLUS, BUDGETING, CAPITAL ADEQUACY, CAPITAL CONSTRAINTS, CAPITAL INVESTMENT, CAPITAL INVESTMENTS, CAPITAL MARKET, CAPITAL MARKETS, CAPITAL PROJECTS, CENTRAL BANK, CIVIL SERVICE, COMMERCIAL BANKING, COMMERCIAL BANKS, CONTRACTUAL OBLIGATIONS, COUNTRY RISKS, CREDIBILITY, CREDIT AVAILABILITY, CREDIT CRUNCH, CREDIT EXPANSION, CREDIT GROWTH, CREDIT MARKET, CREDIT MARKETS, CREDIT QUALITY, CREDIT RATIONING, CREDIT SOURCE, CREDIT WORTHINESS, CURRENCY, CURRENT ACCOUNT SURPLUS, DEBT, DEBT SOURCE, DEFAULT RISK, DEMAND FOR CREDIT, DEPOSIT, DEPOSIT MOBILIZATION, DEPOSITS, DEVELOPING COUNTRY, DEVELOPMENT BONDS, DISBURSEMENTS, DISINTERMEDIATION, DOMESTIC CAPITAL, DOMESTIC CREDIT, DOMESTIC DEBT, ECONOMIC DEVELOPMENTS, ECONOMIC GROWTH, ECONOMIC POLICY, ENABLING ENVIRONMENT, EXCESS LIQUIDITY, EXCHANGE RATES, EXPENDITURE, FINANCIAL CRISIS, FINANCIAL DEVELOPMENT, FINANCIAL INSTITUTIONS, FINANCIAL MANAGEMENT, FINANCIAL PERFORMANCE, FINANCIAL STABILITY, FINANCIAL SYSTEM, FISCAL DISCIPLINE, FOREIGN ASSETS, FOREIGN CAPITAL, FOREIGN CURRENCIES, FOREIGN EXCHANGE, FOREIGN EXCHANGE RESERVES, FOREIGN EXCHANGE RISK, FORM OF COLLATERAL, GOVERNMENT BORROWING, GOVERNMENT BUDGET, HOLDING, HOME LOANS, HOUSEHOLD SAVINGS, INCOME TAX, INDEBTEDNESS, INFLATION, INFLATIONARY EXPECTATIONS, INFLATIONARY PRESSURE, INFLATIONARY PRESSURES, INFORMATION ASYMMETRIES, INFORMATION SYSTEM, INFRASTRUCTURE DEVELOPMENT, INTEREST RATE, INTEREST RATE CAPS, INTEREST RATE SPREAD, INTEREST RATE VOLATILITY, INTEREST RATES, INTERNAL AUDIT, INTERNATIONAL STANDARDS, INVESTMENT ACTIVITIES, INVESTMENT CLIMATE, INVESTMENT DECISIONS, INVESTMENT OPPORTUNITIES, INVESTMENT SPENDING, INVESTOR CONFIDENCE, LACK OF COMPETITION, LAND LOCATION, LAND USE, LAND VALUE, LAWS, LEGAL FRAMEWORK, LEGISLATION, LENDER, LENDER OF LAST RESORT, LENDERS, LETTERS OF CREDIT, LEVEL OF INTEREST RATE, LIQUID ASSETS, LIQUIDITY CONSTRAINTS, LIQUIDITY MANAGEMENT, LOAN, LOAN PORTFOLIO, LOANABLE FUNDS, LOCAL GOVERNMENT, MACROECONOMIC RISK, MANDATES, MARKET FAILURES, MARKET LIQUIDITY, MARKET SHARE, MARKET STRUCTURE, MIDDLEMEN, MIGRANT WORKERS, MONETARY AUTHORITIES, MONETARY FUND, MONETARY POLICY, MONEY SUPPLY, MORTGAGES, NET LOSSES, NET PROFIT, NON PERFORMING LOANS, OPEN MARKET, OPEN MARKET OPERATIONS, OPERATING LOSSES, PAYMENT DEFAULT, PERSONAL INCOME, POLICY RESPONSE, POLITICAL STABILITY, POLITICAL UNCERTAINTY, PRICE STABILITY, PRIVATE COMMERCIAL BANKS, PRIVATE FINANCE, PRIVATE FUNDS, PRIVATE INVESTMENT, PRIVATE INVESTMENTS, PRIVATE PARTY, PRIVATE SECTOR CREDIT, PRODUCTIVE INVESTMENT, PUBLIC DEBT, PUBLIC ENTERPRISES, PUBLIC FINANCES, PUBLIC INVESTMENT, PUBLIC INVESTMENTS, PUBLIC SPENDING, PUBLIC TRANSPORT, PUBLIC TRANSPORTATION, PUSH FACTORS, REAL ESTATE, RECAPITALIZATION, RECURRENT EXPENDITURE, RECURRENT EXPENDITURES, REGISTRATION FEE, REGULATORY FORBEARANCE, REMITTANCE, REMITTANCES, REPO, REPOS, RESERVE, RESERVE ASSETS, RESERVE REQUIREMENTS, RESERVES, RETAINED EARNINGS, RETURN, RETURN ON EQUITY, RETURNS, REVENUE MOBILIZATION, RISK MANAGEMENT, RISK MANAGEMENT SYSTEMS, RISK PROFILE, RISK WEIGHTED ASSETS, RISKY ASSETS, SAFETY NETS, SAVINGS BEHAVIOR, SAVINGS DEPOSITS, SECURITIES, SECURITIES MARKET, SHAREHOLDERS, SOCIAL SERVICES, SOLVENCY, STATUTORY REQUIREMENTS, STOCK MARKET, STRUCTURAL PROBLEMS, SUPPLY OF CREDIT, T-BILL, T-BILL RATE, T-BILLS, TAX ADMINISTRATION, TAX CODE, TRADE BALANCE, TRADING, TRAFFIC MANAGEMENT, TRANSPORT, TREASURY, TREASURY BILLS, TRUST FUND, URBANIZATION, VALUATION, WAGES, WATER SUPPLY