COVID-19 and Its Impact on Nepalese Economy

COVID-19 is likely to have a drastic impact on the Nepalese economy. The sectors that suffer the immediate impact of COVID-19 are tourism (hotel, restaurants, and transportation), construction and manufacturing, remittance, real estate, and wholesale and retail trade. The current outbreak severely hit the tourism industry. The ban on the mobility of people has impinged travel and hotel businesses. Moreover, the Government of Nepal has been forced to call off "Tourism Year 2020". UNWTO estimates that in 2020 global international tourist arrivals could decline between 20 percent and 30 percent. Likewise, the global pandemic has its worst impact on the construction sector as well. The construction activities in the majority of national pride projects and other mega-projects have stopped due to the unavailability of foreign stakeholders and local employees. Similarly, the manufacturing sector is also likely to face a slowdown...

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