Albert F. Park, Chief Economist and Director General of Economic Research and Development at the Asian Development Bank (ADB), has lauded Nepal’s progress in poverty reduction over the past two decades.  

Speaking on Friday at the conclusion of his four-day visit to Nepal, Park acknowledged the country’s achievements while stressing the need to tackle long-term growth challenges. He met with Deputy Prime Minister and Finance Minister Bishnu Paudel, as well as Nepal Rastra Bank Governor Maha Prasad Adhikari, to discuss Nepal’s economic trajectory.  

Park emphasized that Nepal must transition from a remittance-driven economy to one centered on productivity and job creation. He highlighted key priorities, including attracting foreign direct investment, enhancing infrastructure, expanding technology adoption, strengthening global market integration, and boosting exports.  

Addressing the media on global and regional economic trends, Park noted, “Growth in Developing Asia is projected to remain steady at 4.8% in 2025, with South Asia leading at 6.3%.” He also pointed out that potential shifts in US trade, immigration, and fiscal policies could influence the region’s economic outlook, though their impact would likely emerge gradually in the latter half of 2025.  

According to ADB forecasts, Nepal’s GDP is expected to grow by 4.9% this year, while inflation is projected to reach 5.5%.