By Our Reporter
Global spread of COVID-19 has already had a negative impact of global economy with tourism and hospitality businesses as well as air services and sports coming to a grinding halt. Nepal has not been an exception as well.
Although Nepal has not reported the second COVID case in the last two months, the country’s tourism, hospitality and civil aviation sectors have already been hit hard. Hotels across the country have been without guests, international flights have been grounded and climbing of mountains cancelled. The NEPSE has dropped and the construction of infrastructure has come to a halt in lack of workers and materials.
The government has already stopped granting permission to migrant workers, which will affect the inflow remittance. Moreover, major destinations of Nepali migrant workers have been also hit by the coronavirus with many companies and industries pulling down their shutters. This will have an impact on remittance inflow.
With people hoarding goods unnecessarily, there has been a shortage of gas in the market. With decreasing movements of people and business activities, Nepal’s economy is sure to suffer a lot from COVID-19 fear.
Meanwhile, many parents whose children are studying and working abroad have started sending money to them through unofficial channel as they get jobless in the country they are. This will also result in capital flight.
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