ADB’s Chief Economist Emphasizes Productivity and Job Creation for Nepal’s Economic Growth
Albert F. Park, Chief Economist and Director General of the Economic Research and Development Impact Department at the Asian Development Bank (ADB), has stressed the need for Nepal to shift its economic focus toward productivity and employment generation. Concluding his four-day visit to Nepal, Park held discussions with Deputy Prime Minister and Finance Minister Bishnu Prasad Paudel and Nepal Rastra Bank Governor Maha Prasad Adhikari. He highlighted the importance of moving beyond a remittance-driven economy by attracting foreign investment, enhancing infrastructure, leveraging technology, integrating with global markets, and expanding exports.
Acknowledging Nepal’s efforts in reducing poverty over the last two decades, Park noted the progress made but also pointed out key challenges in achieving sustainable economic growth. He urged policymakers to focus on long-term strategies that strengthen Nepal’s economic foundation. During the visit, the Nepali government expressed appreciation for ADB’s continued support in infrastructure development and economic reforms, recognizing its role as a major development partner.
Park also shared insights on regional economic trends, noting that growth in developing Asia is projected to hold steady at 4.8% in 2025, with South Asia expected to lead at 6.3%. He added that potential shifts in U.S. trade, immigration, and fiscal policies could influence economic conditions, but their impact is likely to be gradual and emerge mostly in the latter half of 2025. His engagement with policymakers and the media underscored the need for Nepal to proactively strengthen its economic framework in response to global uncertainties.
With over two decades of experience in development economics, Park is a widely respected expert on economic trends, particularly in the People’s Republic of China. His expertise spans key areas such as poverty and inequality, microfinance, labor markets, migration, and foreign investment. As a multilateral financial institution, ADB continues to support sustainable and inclusive growth across Asia and the Pacific, working closely with member countries to address evolving economic challenges.
