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Impact of COVID-19 on FDIs, Remittances and Foreign Aids: A Case Study of Nepal

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  • Gaurav Bhattarai
  • Binita Subedi

Abstract

The global economy has been severely paralysed, owing to the unprecedented crisis triggered by the COVID-19 pandemic, and different studies have indicated that the crisis is relatively more maleficent to the lower-income and middle-income economies. Methodologically, this study relied on the review and analysis of the grey literature, media reporting and data published by the Asian Development Bank, United Nations Conference on Trade and Development (UNCTAD), United Nations (UN), World Bank, International Monetary Fund (IMF) among others. The article begins by describing the impact of the pandemic on low-income and middle-income countries, and it discusses how they have responded to the crisis. While discussions have surfaced regarding whether COVID-19 will reverse the process of globalization, what will be its impact on the low-income country like Nepal? The study also highlights that with foreign direct investments speculated to shrink and foreign assistance and remittance taking a hit, how is Nepal struggling to keep its economy afloat? Analysing the new budget that the government unveiled in 2020, this study concludes with a note that instead of effectively implementing the plans and policies directed by the budget, Nepal is unnecessarily engaged in political mess and is needlessly being dragged into the geopolitical complications.

Suggested Citation

  • Gaurav Bhattarai & Binita Subedi, 2021. "Impact of COVID-19 on FDIs, Remittances and Foreign Aids: A Case Study of Nepal," Millennial Asia, , vol. 12(2), pages 145-161, August.
    • Handle: RePEc:sae:millen:v:12:y:2021:i:2:p:145-161
    DOI: 10.1177/0976399620974202
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    References listed on IDEAS

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    1. World Bank, 2020. "The COVID-19 Pandemic [Pandémie De Covid-19]," World Bank Publications - Reports 33696, The World Bank Group.
    2. World Bank, 2020. "Response to COVID-19," World Bank Publications - Reports 33738, The World Bank Group.
    3. World Bank, 2020. "Global Economic Prospects, June 2020," World Bank Publications - Books, The World Bank Group, number 33748.
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    1. Kishor Atreya & Narayan Sharma Rimal & Prabina Makai & Manish Baidya & Jiban Karki & Gerda Pohl & Sunita Bhattarai, 2023. "Dalit’s livelihoods in Nepal: income sources and determinants," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 25(11), pages 12629-12657, November.
    2. Shaifali Chauhan & Richa Banerjee & Vishal Dagar, 2023. "Analysis of Impulse Buying Behaviour of Consumer During COVID-19: An Empirical Study," Millennial Asia, , vol. 14(2), pages 278-299, June.
    3. Joshi Maharani Wibowo & Sugeng Hariadi, 2024. "Indonesia Sustainable Tourism Resilience in the COVID-19 Pandemic Era: Case Study of Five Indonesian Super- priority Destinations," Millennial Asia, , vol. 15(2), pages 236-258, June.
    4. Barbara Gawior & Michal Polasik & Josep Lluís del Olmo, 2022. "Credit Card Use, Hedonic Motivations, and Impulse Buying Behavior in Fast Fashion Physical Stores during COVID-19: The Sustainability Paradox," Sustainability, MDPI, vol. 14(7), pages 1-16, March.

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