KATHMANDU: Economic Digest offers a concise yet comprehensive overview of significant business happenings in Nepal, presented in easily digestible summaries.
The impressive rebound of Nepal’s tourism industry, with over 940,000 foreign visitors in the first ten months of 2024, signals a significant turnaround from the pandemic’s grip.
Despite facing challenges like adverse weather, the sector is thriving at nearly 93% of pre-pandemic levels, highlighting the resilience of Nepal as a prime travel destination.
The uptick in American tourists, alongside steady interest from markets in the UK, Australia, and Germany, underscores the country’s allure for trekking and nature-based experiences.
This resurgence not only bodes well for Nepal’s economy but also reflects a broader trend of recovery in global tourism, as travelers seek out unique and immersive experiences in stunning landscapes.
Meanwhile, fluctuations in the NEPSE index and the recent drop in gold prices illustrate the ongoing economic adjustments within Nepal, reminding us of the interconnected nature of global markets and local economies.
Together, these developments illustrate a dynamic landscape where tourism recovery, financial markets, and international relations converge, paving the way for a more robust economic future.
Over 940,000 foreign tourists visit Nepal in 2024
Nepal’s tourism industry demonstrated impressive recovery in 2024, with over 940,000 foreign visitors arriving in the first ten months, according to the Nepal Tourism Board (NTB).
Despite challenges such as adverse weather conditions, which impacted arrivals in October, tourism is now operating at nearly 93% of pre-pandemic levels.
Notably, while there was a decline in arrivals from neighboring countries like India and China due to the monsoon season, tourists from other regions, particularly the U.S., have shown increasing interest, with American arrivals rising by nearly 13% in October.
This growing demand, especially from markets like the U.S., UK, Australia, and Germany, underscores Nepal’s enduring appeal as a travel destination, particularly for trekking and natural experiences.
NEPSE index dips slightly post-Tihar
In the first trading session following the Tihar festival, the NEPSE index ended slightly lower at 2,677.40 points, marking a small dip of 0.21 points compared to the previous day’s close.
Prior to Tihar, the index had dropped by 14.43 points.
Starting at 2,678.97, the index saw fluctuations, hitting a low of 2,670.12 and a high of 2,696.85 during the day.
A total of 302 stocks were traded, with 47,515 transactions processed, resulting in the exchange of 9,713,730 shares and a total turnover of Rs. 4.20 billion.
Gold price down by Rs 2,800 per tola
The price of gold dropped significantly by Rs 2,800 per tola on Tueday, according to the Federation of Nepal Gold and Silver Traders.
As a result, the fine gold was traded at Rs 168,200 per tola. This decline reflects fluctuations in the global and local market conditions that influence gold prices.
Additionally, silver also saw a reduction in price, with a decrease of Rs 60 per tola, bringing the price of silver to Rs 2,030.
This shift in the precious metals market may impact both investment behavior and consumer purchasing decisions, especially given the ongoing volatility in global commodity prices.
FNCCI President Dhakal receives Caraka Buwana Award from Indonesian Government
Chandra Prasad Dhakal, the President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and honorary consul of Indonesia in Nepal, has been awarded the ‘Caraka Buwana Award’ by the Indonesian government.
The Caraka Buwana Award is a prestigious recognition given by Indonesia’s Ministry of Foreign Affairs, aimed at honoring individuals who have significantly contributed to strengthening bilateral relations with Indonesia, as stated by the Ministry.
Minister Khadka seeks Indian support for 1,000 MW floating solar project
Minister for Energy, Water Resources, and Irrigation Deepak Khadka urged India to support the development of a 1,000 MW floating solar project on the Budhigandaki Hydropower Project reservoir.
Emphasizing the importance of a bilateral partnership between the International Solar Alliance (ISA) and Nepal, Khadka discussed sustainable development and clean energy transition with Pralhad Venkatesh Joshi, India’s New and Renewable Energy Minister, during their meeting in New Delhi at the Bharatmandap Kendra.
The discussions focused on collaboration to minimize climate change impacts and advance renewable energy initiatives in the region.
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