Albert F. Park, Chief Economist and Director General of the Economic Research and Development Impact Department at the Asian Development Bank (ADB), has called on Nepali policymakers to prioritize productivity and job creation to drive the country toward economic prosperity.
Speaking on the final day of his four-day visit to Nepal, Park emphasized the need for Nepal to transition from a remittance-dependent economy to one centered on productivity. In meetings with Deputy Prime Minister and Finance Minister Bishnu Prasad Paudel and Nepal Rastra Bank Governor Maha Prasad Adhikari, he highlighted key areas for improvement, including attracting foreign direct investment, enhancing infrastructure, expanding technology, integrating with global markets, and boosting exports.
Park praised Nepal’s progress in reducing poverty over the past two decades but noted that significant challenges remain for achieving sustainable, long-term growth. The Government of Nepal, in turn, acknowledged ADB’s role as a major development partner, providing critical investments for the country’s economic progress.
During a media briefing, Park shared insights on global and regional economic trends, stating, “Developing Asia’s growth is projected to remain steady at 4.8% in 2025, with South Asia leading at 6.3%.” He also noted that potential changes in U.S. trade, immigration, and fiscal policies could impact the outlook, but their effects would likely be gradual and emerge mostly in the latter half of 2025.
The ADB, a leading multilateral development bank, has been supporting sustainable, inclusive, and resilient growth across Asia and the Pacific since its founding in 1966. With 69 member countries, ADB works with governments and partners to drive economic transformation through innovative financial tools and strategic partnerships.
Park, an expert on the economy of the People’s Republic of China, has over two decades of experience as a development economist. His work spans a wide range of topics, including poverty and inequality, labor markets, microfinance, migration, and foreign investment.
