Nepal’s growth model needs urgent overhaul: WB

Kathmandu, Mar. 25: The World Bank (WB) said that Nepal’s current growth model which is heavily reliant on remittances and consumption has proven resilient but insufficient to meet the country’s ambitious development targets.

“While remittances have buoyed private consumption and reduced poverty, they have not translated into substantial job creation or productivity gains across key economic sectors,” the WB concluded in its recent report on Nepal country economic memorandum 2025 titled ‘Unlocking Nepal’s growth potential’ launched in Kathmandu on Monday.