By Our Reporter
Global economic recession is now in the offing. Can Nepal save her economy from the recession? It is not easy to find an accurate answer to this at the moment. But Nepal’s economy that has been depending heavily on remittance is sure to bear the brunt of the recession.
It is sure that no one can now prevent the global recession as warned by United Nations Secretary-General Antonio Guterres. He warned last Thursday that a global recession “is a near certainty” and current national responses to the coronavirus pandemic “will not address the global scale and complexity of the crisis.”
“This is a moment that demands coordinated, decisive, and innovative policy action from the world’s leading economies,” Guterres told reporters via a video conference. “We are in an unprecedented situation and the normal rules no longer apply.”
“A global recession – perhaps of record dimensions – is a near certainty,” he said.
The world’s wealthiest nations poured unprecedented aid into the traumatized global economy as coronavirus cases ballooned in Europe, the current epicenter, even as they waned at the pandemic’s point of origin, China.
And the diversion of a huge amount of money in controlling the pandemic is sure to hit the developing countries like Nepal which require fund to prepare infrastructure.
Moreover, many Nepalis working abroad as migrant workers are sure to lose jobs, adding pressure on the government to manage jobs for them.