KATHMANDU, March 1: The Chief Economist and Director General of the Economic Research and Development Impact Department of the Asian Development Bank (ADB) Albert F. Park has urged Nepali policymakers to focus on productivity and job creation to steer the country towards economic prosperity.
Speaking on the final day of a 4-day mission to Nepal, which included meetings with Deputy Prime Minister and Finance Minister Bishnu Prasad Paudel and Governor of Nepal Rastra Bank Maha Prasad Adhikari, Park emphasized that Nepal needed to increasingly move from a remittance-dependent economy to an economy focused on productivity and job creation. He said key priorities included increasing foreign direct investment, improving infrastructure, expanding technology, better integrating Nepal with global markets, and growing exports.
Park lauded policymakers in Nepal for their efforts toward reducing poverty in the country over the past two decades. During his meetings, Park said Nepal had made strong gains toward reducing poverty, but pointed to key challenges for increasing sustainable, long-term growth.
China-backed development bank AIIB appoints veteran European as...
During the program, the Government of Nepal appreciated the ADB’s role as one of Nepal’s major development partners, providing assistance for investments toward the country’s development. Park also met with the media to share insights on global and regional economic prospects.
“Developing Asia’s growth is projected to remain steady at 4.8% in 2025, with South Asia leading at 6.3%,” Park said, “While potential shifts in U.S. trade, immigration, and fiscal policies could impact the outlook, their effects—if gradual and limited—would emerge mostly in the latter half of 2025.”
ADB is a leading multilateral development bank supporting sustainable, inclusive, and resilient growth across Asia and the Pacific. Working with its members and partners to solve complex challenges together, ADB harnesses innovative financial tools and strategic partnerships to transform lives, build quality infrastructure, and safeguard our planet. Founded in 1966, ADB is owned by 69 members—49 from the region.
Economist Park has more than 2 decades of experience as a development economist and is a well-known expert on the economy of the People’s Republic of China. He has worked on a broad range of development issues including poverty and inequality, intergenerational mobility, microfinance, migration and labor markets, the future of work, and foreign investment.
