Economic Reforms for Economic Prosperity: There is no Alternative to Speedy Reform

Summary

The post-pandemic recovery will require large sums of investment that will not be met through interventions from development partners. Nepal will have to open itself to foreign investments by competing with other countries to attract investments and technology to push growth along with crafting a good policy around foreign assistance that keeps it focused. There has to be a shift from myopic inward-looking policies that promote crony capitalism to ensuring opening up of the economy, loosening bureaucratic hurdles and dismantling private sector cartels. These, in conjunction with an innovation-promoting environment, young entrepreneurs pushing start-ups, women-led enterprises, geographical inclusion focusing on rural areas, facilitation of different fund structures and pushing sub-regional partnerships will help Nepal to get back to building a prosperous Nepal.