Impact Assessment of COVID-19 on Remittance Inflow; A Systematic Review in Case of Nepal
Abstract
The objective of the paper is to Review the Impact of COVID-19 on Remittance inflow of Nepal. The paper is mainly trying to know either COVID-19 has positive or negative impact on remittance inflow due to pandemic.
The relevant literature along with authorize data from Central Bureau of Statistics (CBS), Nepal Rastra Bank, Ministry of Finance, Department of Foreign Employment (DoFE), Nepal Migration Report Current Macroeconomics and Financial situation of Nepal, International Labor Organization, World Bank Survey Report and other relevant organizations were deeply reviewed.
The inflow of Remittance to Nepal from Foreign Employment were in a increasing trends previously before the pandemic of COVID-19. As the COVID-19 pandemic was discovered in Wuhan, china in November 2019 and the lockdown imposed by the government of Nepal from 24 march 2020 in Nepal, consequently the inflow of Remittance to Nepal has decreased by 0.49% to NPR. 875 Billion from NPR. 879.3 Billion which were increased by 16.5% in the previous year before the COVID-19 discovered. As the pandemic created by COVID-19 slowed down slowly in the recent years, the Remittance inflows is increasing slowly from the fiscal year 2020/21. In the fiscal year 2020/21, it increases by 9.8% to NPR. 961.05 Billion. Similarly it increases by 4.8% to NPR. 1007.31 Billion in the Fiscal year 2021/22 which is so far since many years back. In the same trends, the Remittance inflows to Nepal from Foreign Employment increases by 24.3% to NPR. 585.08 Billion in the first six months of the current fiscal year 2022/23. The inflow of Remittance has been increasing these days.
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