KATHMANDU, Nepal (May 19, 2023) — A new report from the World Bank has found that Nepal has made significant progress in development in recent years, but that the country still faces a number of challenges.
The report, titled “Nepal Development Update: Fine-Tuning Policy in a Turbulent Environment,” highlights the country’s progress in reducing poverty, improving access to education and health care, and promoting economic growth.
The report notes that Nepal’s poverty rate has fallen from 42% in 2004 to 23% in 2018. The literacy rate has also increased from 54% in 2004 to 69% in 2018. And the under-5 mortality rate has fallen from 117 deaths per 1,000 live births in 2004 to 57 deaths per 1,000 live births in 2018.
However, the report also notes that Nepal still faces a number of challenges, including high levels of inequality, corruption, and unemployment.
The report concludes by calling for increased investment in Nepal to help the country achieve its development goals. The report also recommends that Nepal focus on improving its governance and public institutions, as well as on promoting economic diversification and job creation.
“Nepal has made significant progress in recent years, but there is still much work to be done,” said Faris Hadad Jervos, World Bank Country Director for Nepal. “We call on the government and the people of Nepal to continue working together to build a more prosperous and equitable future for all.”
The World Bank report is a valuable resource for policymakers and development partners working in Nepal. The report’s findings and recommendations will help to inform the country’s development agenda in the years to come.
