News dalla rete ITA

13 Aprile 2021

Nepal

NEPAL HAS EXPORT POTENTIAL WORTH $9.2 BILLION, WORLD BANK SAYS

Nepal has untapped export potential worth an estimated $9.2 billion, according to a new World Bank finding unveiled on Monday. The multilateral funding agency said Nepal could boost its exports twelvefold, which represents an opportunity to create around 220,000 new jobs. The World Bank's Nepal Development Update published annually provides a report on the country's key economic developments. In the last fiscal year 2019-20 ended mid-July, shipments from Nepal were worth $835 million while imports valued at $10.22 billion flooded in, resulting in a gargantuan trade deficit of $9.39 billion. The World Bank has termed Nepal’s export potential as 'missing exports' in the special focus section under the theme 'Harnessing Export Potential for a Green, Inclusive, and Resilient Recovery'. “This export potential represents an opportunity to create an estimated 220,000 new jobs, with significant implications for productivity growth. Realising that potential is not unrealistic in the medium term,” said Kene Ezemenari, World Bank senior economist and lead author of the update, at a virtual meeting organised by the Society of Economic Journalists-Nepal on Monday. According to the Department of Customs, Nepal’s trade deficit crossed the Rs1 trillion ($9.95 billion) mark in 2017-18 as imports surged amid slowed domestic output and consequent sluggish export revenues. If Nepal's export growth rate had been able to keep up with the South Asian average since 2000, the unrealised export potential would have been slashed by 73 percent, the World Bank said. The country’s export growth has been stagnant over the past two decades, it said. “Indeed, with export growth at 4 percent on average since the turn of the century, Nepal features among the 20 countries in the world with the least dynamic exports,” the report added. (ICE NEW DELHI)


Fonte notizia: Kathmandu Post