The Asian Development Bank (ADB) Chief Economist and Director General of the Economic Research and Development Impact Department, Albert F. Park, on Friday commended Nepal's policymakers for their efforts in reducing poverty over the past two decades.

Park made these remarks on the final day of a four-day mission to Nepal, which included meetings with Deputy Prime Minister and Finance Minister Bishnu Prasad Paudel and Governor of Nepal Rastra Bank Maha Prasad Adhikari.

During his meetings, Park acknowledged Nepal's significant progress in poverty reduction but highlighted the need to address key challenges to achieve sustainable, long-term growth. He emphasised the importance of transitioning from a remittance-dependent economy to one centred on productivity and job creation.

Park outlined several priority areas for Nepal's economic advancement, including increasing foreign direct investment, improving infrastructure, expanding technology, better integrating with global markets, and boosting exports.

The Government of Nepal expressed appreciation for ADB’s support as a major development partner, contributing to investments in the country’s growth.

Additionally, Park engaged with the media to discuss global and regional economic prospects. "Developing Asia's growth is projected to remain steady at 4.8 percent in 2025, with South Asia leading at 6.3 percent," said Park.

"While potential shifts in US trade, immigration, and fiscal policies could influence the outlook, their effects—if gradual and limited—are expected to emerge mostly in the latter half of 2025."