Impact of International affairs on Nepal’s Economy

PREPARED BY:
Rukesh Kumar Sah
BBA
Second Semester
Symbol no: 38275/23
Eco 205: Seminar on contemporary Issues of Macroeconomics

SUBMITTED TO:
Faculty of Management, BBA Program
Patan multiple Campus
Tribhuvan University
December 2024
 ABSTRACT

This study aims at analyzing how international affairs affect the Nepalese economy with
emphasis on remittances, international aid, and trade. Remittances play a crucial role in
supporting families and strengthening the local economy of Nepal by money sent by Nepali
workers working in other countries. International aid enhances the developmental aspects
like infrastructure, health and education systems which are often affected by natural
disasters. Relations in trade with other countries impact Nepal’s economic development,
but there are obstacles in view of trade barriers. This paper emphasizes on the need for
strong international cooperation and proper policies to enhance the development in Nepal.
The following findings can be used to assist in the formulation of future economic
development plans with the view of enhancing the overall economic stability of Nepal.

Keywords: Economic growth, remittances, international aid, and trade

 Acknowledgements

The study entitled “Impact of International affairs on Nepal’s Economy” has been
prepared in the partial fulfillment of the requirements for the degree of Bachelor of
Business Administration in the Faculty of Management, Tribhuvan University. I would
like to express my deepest gratitude to everyone who made it possible for me to complete
this research work. It would not have been possible to write this research report without
the assistance and support of many generous people, only some of whom it is possible to
give a particular mention here.
Foremost, I would like to express my sincere gratitude to my seminar instructor, Aakash
Poudel for their unwavering support of my studies and research and for their patience and
immense knowledge. Their advice was invaluable during the research and writing of the
report.
Thanks to the internet, I was able to read a variety of publications, reference articles,
journals, study materials, and websites during writing the paper.
Besides this, I am very grateful to my friends, well-wishers, and everyone who directly or
indirectly helped me in concluding this report.
Finally, I must express my profound gratitude to the Faculty of Management, Tribhuvan
University and all the faculty members for direct and indirect moral support.

Sincerely Yours
Rukesh Kumar Sah
 Table of Contents

Chapter 1: Introduction………………………………………………………..………1
1.1 Background of the Study………………………………………………......….….1
1.2 Statement of the Problem……………………………………………..……..…...2
1.3 Research Questions…………………………………………………….…..….....3
1.4 Research Objectives………………………………………………….…………..3
1.5 Significance of the Study…………………………………………..……….……4
1.6 Limitation of the study …………………………………………………....……..5
1.7 Organization of the study…………………………………………………….…..5

Chapter 2: Literature Review…………………………………………….…………...7

2.1 Theoretical Review…………………………………………………...…….……7
2.2 Empirical Review ……………………………………………………....………..7
2.2.1 International Context………………………………………………………….7
2.2.2 National Context…………………………………………………...………..…8
2.3 Research Gap……………………………………………………….……..…..…8

Chapter 3: Research Design and Methodology…………………………………..…...9

3.1 Quantitative approach……………………………………………………..….…9

Chapter 4: Data Analysis and Structure……………………………………………..10

4.1 Data structure………………………………………………………….…….….10
4.2 Data analysis……………………………………………………………………11

Chapter 5: Summary and Conclusion………………………………………………..13

5.1 Summary………………………………………………………..……….……..13
5.2 Conclusion………………………………………………………….…….……13

References……………………………………………………………………..…….15
 Chapter 1: Introduction

1.1 Background of the Study

Nepal is a small country located in South Asia. It is landlocked, meaning it does not
have any access to the sea. The country is surrounded by two big nations: India to the
south, east, and west, and China to the north. Because of this, Nepal has to rely a lot on
its neighbors and the rest of the world for trade and economic support. Nepal’s economy
is quite fragile and is influenced by many external factors, including international
affairs.
Nepal’s economy depends on a few key areas: agriculture, tourism, remittances, and
hydropower.
Agriculture: Agriculture is the backbone of Nepal's economy. A large percentage of
the population works in farming. The main crops that are grown in Nepal include rice,
maize, wheat, and millet. However, agriculture in Nepal is not very modern. Most
farmers use traditional methods and depend on the monsoon rains for irrigation.
Because of this, agricultural output can be unpredictable. If there is too much or too
little rain, crops can be destroyed, which affects the farmers and the economy. Nepal
imports many agricultural products because it cannot produce enough food for its own
people, which further affects its economy.
Tourism: Tourism is another important part of the Nepalese economy. Nepal is home
to some of the highest mountains in the world, including Mount Everest, the tallest peak
on Earth. Tourists come from all over the world to trek in the Himalayas, visit religious
sites, and explore the country’s natural beauty. Tourism brings in international money,
which is very helpful to Nepal’s economy. However, tourism is very sensitive to
international events. For example, when there is political instability, natural disasters
like earthquakes, or global health crises such as the COVID-19 pandemic, fewer tourists
visit Nepal, which hurts the economy.

Remittances: Remittances are one of the most important sources of income for Nepal.
Remittances refer to the money that people who work abroad send back to their families
in Nepal. A large number of Nepalese people work in international countries, especially
in India, the Gulf States (like Qatar and Saudi Arabia), Malaysia, and even in other
Asian and European countries. These workers send a significant amount of money
home, which helps their families and also contributes to the country’s overall economy.
In fact, remittances make up a large portion of Nepal’s Gross Domestic Product (GDP).
However, this also makes Nepal highly dependent on the global job market. If the
demand for international labor drops due to economic downturns in other countries, it
can affect the flow of remittances and hurt Nepal's economy.
Hydropower: Nepal has great potential when it comes to hydropower because of its
many rivers and the mountainous terrain. Hydropower refers to generating electricity
using the energy of flowing water. Nepal could produce a lot of electricity from its

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rivers, not only for domestic use but also to export to neighboring countries like India.
However, the development of the hydropower sector has been slow. It requires a lot of
investment, technology, and expertise, which Nepal often has to get from other
countries. As a result, international relations and international investment play a crucial
role in developing this sector.

Dependence on International Affairs

Nepal’s economy is deeply connected to international affairs. Since Nepal is a
landlocked country, it has to rely on its neighbors, especially India, for access to sea
routes and international markets. Many of Nepal’s imports and exports pass through
India, making good diplomatic relations with India essential for Nepal’s trade.
Nepal also receives a lot of international aid and loans from international organizations
like the World Bank, the International Monetary Fund (IMF), and countries like China,
India, the United States, and various European nations. This financial aid is important
for funding infrastructure projects, improving healthcare, and supporting education.
Changes in international policy or international economic conditions can affect the flow
of this aid, impacting Nepal’s ability to develop.
Another key area where international affairs affect Nepal is through global markets.
Nepal imports most of its goods, including fuel, food, and machinery, from other
countries. The price of these goods depends on global markets and international
relations. For example, if oil prices rise due to conflicts in oil-producing countries, it
increases the cost of living and transportation in Nepal, which puts more pressure on
the economy.
Nepal is also vulnerable to global economic trends. If the world economy slows down
or if there are international crises like wars, pandemics, or financial collapses, it can
directly affect Nepal’s tourism, remittances, and trade. Therefore, Nepal’s economic
growth and stability are closely tied to global events.
In conclusion, Nepal’s economy is highly dependent on agriculture, tourism,
remittances, and hydropower. However, because of its reliance on international trade,
international workers, and external aid, international affairs play a big role in shaping
Nepal’s economic future. Global events, diplomatic relations, and international policies
can either help or hurt Nepal’s economy, making it very important for the country to
maintain good relations with other nations and adapt to global changes.

1.2 Statement of the Problem

Nepal's economy faces several challenges that are deeply influenced by international
factors. Despite its natural beauty and cultural richness, Nepal remains one of the least
developed countries in the world. Its economic growth depends heavily on international
aid, remittances from migrant workers, and trade with other nations. However, each of

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these areas presents its own set of problems, which hinder Nepal's path to sustainable
development.

One major issue is the over-reliance on remittances. While money sent by Nepali
workers abroad is vital for many families, this dependence creates a risk for the
economy. If there are changes in international employment opportunities or global
economic conditions, it could severely impact the flow of remittances and harm local
economies.

Similarly, Nepal relies heavily on international aid for development projects and
disaster recovery. While aid is helpful, it can sometimes lead to dependency, reducing
the country's ability to sustain growth independently. Mismanagement or misuse of aid
funds can also slow down progress in crucial sectors like education and infrastructure.
Trade is another area where Nepal faces difficulties. As a landlocked country, it
depends on neighboring countries like India and China for access to global markets.
Trade barriers, tariffs, and diplomatic tensions can make it harder for Nepal to benefit
from international trade. This limits economic opportunities and creates instability.
The main problem is that Nepal’s economy is vulnerable to external factors beyond its
control. Without addressing these issues, the country may continue to struggle with
poverty, unemployment, and slow growth. This study seeks to analyze these problems
and suggest ways to reduce dependency on external sources, while promoting
sustainable economic growth through better policies and international cooperation.

1.3 Research Questions

 How do remittances from Nepali migrant workers impact the local economy
and contribute to poverty reduction?
 What are the challenges and benefits of relying on international aid for Nepal's
development, and how can aid dependency be reduced?
 What is the role of trade relations in Nepal's economic growth, and how do trade
barriers and diplomatic issues affect Nepal’s access to global markets?
 How can Nepal strengthen its economic resilience by diversifying its economy
and reducing its dependence on external factors like remittances and aid?
 What policies and strategies can Nepal adopt to foster sustainable economic
growth through international cooperation and effective management of global
economic affairs?

1.4 Research Objectives

The main objective of this study is to understand how international affairs impact
Nepal’s economy. Since Nepal depends on other countries for trade, remittances, and
aid, any changes in international relations can affect its economy.
This study aims to:

3
Analyze the effect of trade relations with countries like India, China, and others on
Nepal's economy. It will look at how global trade policies and agreements impact
Nepal’s imports and exports.

Examine the role of remittances, or the money sent by Nepalese workers from abroad.
The study will explore how international job markets and international labor policies
impact these remittances and, in turn, Nepal’s economy.
Assess the influence of international aid on Nepal's development projects. It will focus
on how changes in international aid policies affect the flow of financial support that
Nepal receives from other countries and organizations.
Identify the risks and challenges that arise from Nepal's dependence on international
affairs and how global events, such as economic crises or political changes, affect the
country’s economy.

In short, the study aims to show how international relations shape Nepal’s economy
and what can be done to reduce the negative impacts.

1.5 Significance of the Study

This study is important because it helps understand how international factors like
remittances, international aid, and trade influence Nepal's economy. Nepal relies
heavily on these international sources for its development, but this dependence also
creates risks. Understanding the impact of these factors will help find ways to improve
the economy and make it more stable.
First, this study will show how remittances from Nepali workers abroad support
families and boost local businesses. However, it will also point out the risks of relying
too much on money from workers in other countries. If job opportunities abroad
decrease or global conditions change, Nepal's economy could suffer. By highlighting
this, the study will help find ways to reduce this risk.
Second, it will explore the role of international aid in Nepal’s development. While aid
has been useful in building infrastructure and supporting disaster recovery, it can also
lead to dependence. This study will provide insights into how Nepal can manage aid
more effectively and reduce over-reliance.

Third, the study will look at Nepal’s trade relations with other countries and how they
impact economic growth. By understanding the challenges of trade barriers and
diplomatic issues, the research will help identify opportunities for better trade
agreements.

Overall, this study is significant because it will offer recommendations on how Nepal
can reduce its dependency on external factors and create a stronger, more self-sufficient
economy. The findings will be helpful for policymakers, researchers, and stakeholders
working to improve Nepal’s economic future.

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1.6 Limitation of the Study
This study has several limitations that should be considered when reviewing the
findings. These limitations may affect the overall accuracy or depth of the conclusions.
Data Availability: One limitation is the availability of reliable data. In a developing
country like Nepal, accurate data on remittances, trade, and aid may not always be
available. Some information may be outdated or incomplete, which can affect the
accuracy of the analysis.
External Factors: Another limitation is the study’s focus on external factors like
remittances, aid, and trade. While these are important, the study may not fully consider
internal factors within Nepal, such as political instability, corruption, or weak
infrastructure, which also play a role in economic development. These internal issues
may interact with international factors in ways that are hard to measure.
Short-Term Focus: The study mainly looks at the short-term effects of international
affairs on Nepal’s economy. However, economic growth is a long-term process, and
the study might not capture how these factors will evolve over time or how new global
events might change the situation.
Generalization: This research focuses on Nepal specifically. The findings may not be
applicable to other countries facing similar challenges. While there may be some
common factors, each country's situation is unique, and solutions that work for Nepal
may not work elsewhere.

Limited Scope: Lastly, the study only covers three major areas: remittances,
international aid, and trade. Other important areas, such as international investment,
tourism, and technology, are not deeply explored. This limits the overall scope of the
research.

In summary, while the study provides valuable insights, the limitations in data
availability, focus on external factors, short-term analysis, and narrow scope should be
kept in mind when interpreting the results.
1.7 Organization of the Study
This study is organized into five main chapters. Each chapter focuses on a different part
of the research to understand the impact of international affairs on Nepal's economy.

Chapter 1: Introduction
The first chapter introduces the study. It explains what the research is about and why it
is important. The chapter provides background information on Nepal's economy and
highlights the key areas of focus: remittances, international aid, and trade. It also
outlines the research questions, objectives, and the significance of the study.

5
Chapter 2: Literature Review
In this chapter, previous research related to the topic is reviewed. The chapter explores
what other studies have said about how remittances, international aid, and trade affect
the economies of developing countries like Nepal. This helps understand the existing
knowledge and identifies gaps that this study will address.

Chapter 3: Research Design and Methodology

The third chapter explains how the study is conducted. It describes the research methods
used to collect and analyze data. This includes where the data comes from, how it is
collected, and what tools are used for analysis. This chapter ensures that the research
process is clear and well-structured.

Chapter 4: Data Analysis and Structure

This chapter presents the results of the research. It organizes and explains the data that
was collected. The chapter shows how remittances, aid, and trade are influencing
Nepal's economy. Graphs, tables, and charts may be used to make the findings easy to
understand.

Chapter 5: Summary and Conclusions

The final chapter summarizes the study’s findings. It answers the research questions
and provides conclusions based on the data analysis. The chapter also includes
recommendations for improving Nepal's economy and suggestions for future research.

Overall, this organization helps the study flow smoothly from introduction to analysis
and conclusion.

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 Chapter 2: Literature Review

2.1 Theoretical Review

The theoretical review looks at different ideas and theories that explain how
international factors, like remittances, international aid, and trade, affect a country's
economy. There are several economic theories that can help us understand the impact
of these factors on Nepal.

First, dependency theory explains how developing countries, like Nepal, can become
dependent on wealthier nations for aid and trade. This can lead to slow growth because
the country relies too much on external help instead of developing its own economy.
Second, modernization theory suggests that countries can grow by adopting new
technologies and ideas from developed nations. This theory supports the idea that
international aid and international investment can help countries modernize and
improve their economies.
Third, trade theories, like the comparative advantage theory, argue that countries should
focus on producing and exporting goods that they are best at making. This helps
countries benefit from global trade.

Finally, remittance theory explains how money sent by workers abroad can boost the
economy by increasing household incomes and spending in the local market.
In summary, the theoretical review provides a framework to understand how
international factors influence Nepal's economy and offers a basis for analyzing the data
in this study.

2.2 Empirical Review

The empirical review looks at real-life studies and data to understand how international
factors like remittances, international aid, and trade impact economies, both globally
and in Nepal.

2.2.1 International Context

Globally, many studies show that remittances play an important role in boosting
economies in developing countries. Research has found that in countries like the
Philippines and Bangladesh, remittances increase household incomes and improve
access to education and healthcare. For example, studies show that remittances help
families buy food, pay for schooling, and improve their living conditions. However,
over-reliance on remittances can also be risky because if migrant workers lose jobs due
to economic changes abroad, it can hurt the sending country’s economy.

When it comes to international aid, research shows that aid can help build infrastructure,
improve healthcare, and support education. In African countries, for example, aid has
helped reduce poverty and improve access to clean water. However, studies also

7
highlight the problem of aid dependency, where countries rely too much on aid without
developing self-sustaining economies.

2.2.2 National Context

In Nepal, remittances are a key part of the economy. Studies show that money sent by
Nepali workers abroad makes up a significant portion of the country’s GDP. It helps
reduce poverty and supports local businesses. However, like in other countries, over-
reliance on remittances can be dangerous if international job markets become unstable.

For international aid, Nepal has received significant support, especially after natural
disasters like earthquakes. Studies show that this aid has helped in rebuilding efforts
and improving infrastructure. However, research also indicates that aid has not always
been used effectively, and there is a need for better management.

In conclusion, both international and Nepali studies highlight the benefits and
challenges of remittances, aid, and trade, showing the importance of careful
management for sustainable growth.

2.3 Research gap

The research gap refers to the areas where there is not enough information or
understanding about a topic. In the case of Nepal's economy and its connection to
international affairs, several gaps exist.
First, while many studies focus on the positive effects of remittances, fewer studies look
at the long-term impacts of this dependency. There is a need to understand how changes
in international job markets affect Nepal’s economy over time.
Second, most research on international aid tends to focus on immediate benefits, like
rebuilding after disasters. However, less attention is given to how aid can create
dependency or affect local governance and economic independence.

Third, while there are studies on trade, many do not consider how Nepal's unique
geographical location as a landlocked country affects its trade relations. More research
is needed to explore how this status impacts economic growth and trade policies.

Finally, there is a lack of studies that combine these three areas—remittances, aid, and
trade—into a comprehensive analysis. Understanding how they interact can provide
deeper insights into Nepal’s economic challenges and opportunities. Addressing these
research gaps will help policymakers make better decisions for sustainable economic
development in Nepal.

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 Chapter 3: Research Design and Methodology

3.1 Quantitative Approach

This study uses a quantitative approach to analyze the impact of international affairs on
Nepal's economy. The research design focuses on collecting and analyzing numerical
data to understand relationships between remittances, international aid, and trade.

Research Design: The research follows a descriptive design. This means it aims to
describe the current situation regarding remittances, aid, and trade in Nepal. The study
will gather data over a specific period to analyze trends and patterns.
Data Collection: Data will be collected from secondary sources, such as government
reports, international organizations, and statistical databases. This includes information
on remittances sent by Nepali workers abroad, the amount of international aid received,
and trade statistics with other countries. Reliable sources, like the World Bank and
Nepal's Central Bureau of Statistics, will be used to ensure accuracy.
Sample Size: The study will focus on a specific time frame, such as the last ten years,
to analyze how these factors have changed over time. The sample will include data from
various sectors, like agriculture, services, and industry, to get a comprehensive view.

Data Analysis: Quantitative data will be analyzed using statistical tools. This includes
calculating averages, percentages, and trends over time. Simple graphs and charts will
be created to help visualize the data. The analysis will look for correlations between
remittances, aid, and trade and their effects on Nepal's economic growth.

Conclusion: The findings from the quantitative analysis will help provide a clearer
understanding of how international factors impact Nepal's economy. This approach
allows for objective results that can be used to inform policymakers and stakeholders
in making better decisions for the country's development.

9
 Chapter 4: Data Analysis and Structure

4.1 Data Structure

Funding and Resources
In 2023, UNDP implemented programmes across Nepal, with a total expenditure of
$21.24 million, of which 29 percent was from UNDP core funding. The remaining 71
percent was mobilized through bilateral and multilateral donors and agencies as,
European Union, Government of Nepal, Norway, Japan, Korea, Global Environment
Facility, Global Climate Fund, and other sources.
While slicing the expenditure by thematic areas, the highest contribution was in
Resilience Portfolio at 39% percent followed by Governance & Rule of Law Portfolio at
34% and Inclusive Economic Growth at 28%. Along with this, witnessing from the
gender perspective, more than half of the UNDP's total expenditures has directly or
significantly contributed, in achieving gender equality and social inclusion, across all
the programme portfolios.

Outcome wise Expenditure

Governance and rule Resilience &

of law Reconstruction

Inclusive Economic
Growth

YEAR PROGRAMME DELIVERY RESOURCE MOBILIZATION

BUDGET DELIVERY RM TARGET RM
2023 26.11M 21.24M 12.60M 12.22M

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Resources Received in 2023

Legend
1. UNDP 7. Multi Partner Trust Funds
2. Government of Norway 8. Government of the United Kingdom

3. Vertical Fund-GEF 9. Vertical Fund- Montreal Protocol

4. Nepal 10. Governments of the Netherlands

5. European Union 11. Government of the Republic of Korea

6. Government of Japan 12. United Nations Agencies

4.2 Data Analysis

In 2023, the United Nations Development Programme (UNDP) continued to help Nepal
in many ways. UNDP provided funds for projects to reduce poverty, support education,

11
and improve health. These funds also helped Nepal to fight climate change and protect
the environment.

UNDP focused on rebuilding areas damaged by past earthquakes and floods. Many
funds were used to create jobs for people in rural areas. Women and young people were
given special attention. Programs helped them gain skills and start small businesses.
One major focus in 2023 was on clean energy. UNDP supported solar energy and other
renewable energy projects. This helped villages without electricity and reduced
pollution. Another area was protecting forests and managing natural resources better.
The total funds from UNDP in 2023 were in the millions. Most of the money was spent
on rural areas, where people face the most problems. UNDP also worked with the
government of Nepal to make sure the projects were effective.

The results of these efforts were positive. Many families had better incomes, and
children had access to schools. People in remote areas got better health services. Clean
energy projects gave electricity to many homes. However, challenges remain. Some
places are hard to reach, and some funds were not used properly.
In conclusion, UNDP funds in 2023 helped Nepal in many ways. They improved lives
and supported development. More work is needed to ensure that every dollar reaches
the people who need it most

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 Chapter 5: Summary and Conclusion

5.1 Summary
International affairs play an important role in Nepal’s economy. Nepal is a landlocked
country, so it depends on its neighbors and international partners for trade, investment,
and aid. Relations with countries like India, China, and others have a direct impact on
Nepal’s development.
Trade is a key part of Nepal’s economy. Nepal exports goods like tea, carpets, and
garments. The economy benefits when international demand is high. However, trade
challenges, like dependency on a few countries and lack of infrastructure, can create
problems.
International aid is another important area. Nepal receives financial and technical
support from many countries and organizations. This aid helps Nepal build schools,
hospitals, and roads. It is also useful during natural disasters like earthquakes and
floods. However, dependency on aid can be risky, and proper management is needed.

International investment also supports Nepal’s growth. Sectors like hydropower,

tourism, and agriculture attract international companies. This creates jobs and brings
money into the economy. But Nepal needs better policies to encourage more
investment.

Regional cooperation is also important. Nepal is a member of groups like SAARC and
BIMSTEC. These groups help Nepal connect with other countries and benefit from
regional trade and development projects.
In conclusion, international affairs have a big impact on Nepal’s economy. They bring
many opportunities but also some challenges. Nepal must maintain good relations
with other countries and improve its policies to make the most of these opportunities.

5.2 Conclusion
Findings: International affairs have a strong impact on Nepal’s economy. As a
landlocked and developing country, Nepal depends on its relations with other
countries and global organizations for growth and development.

Trade is one of the main areas affected by international relations. Nepal exports goods
like tea, carpets, and garments. Good trade relations help Nepal earn money and
create jobs. However, challenges like dependence on a few countries and lack of
infrastructure limit its benefits.
Foreign aid is another important factor. Nepal receives financial and technical support
from many nations and international organizations. This aid helps Nepal improve

13
education, healthcare, and infrastructure. It also provides relief during disasters. But
Nepal needs to use this aid more effectively and reduce dependency.

Foreign investments in hydropower, tourism, and other sectors boost Nepal’s

economy. These investments create jobs and bring technology. However, Nepal needs
stable policies and better infrastructure to attract more investors.
Global events like economic crises, conflicts, or climate change also affect Nepal.
International agreements and policies influence Nepal’s trade, energy use, and
environmental efforts.
In conclusion, international affairs create both opportunities and challenges for
Nepal’s economy. Strong relationships with other countries and global organizations
can bring trade, aid, and investments. However, Nepal must improve its governance,
strengthen policies, and adapt to global changes to gain more benefits. This will help
Nepal achieve sustainable growth and improve the lives of its people.

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 References
 UNDP annual report 2023 [Link]
nepal-annual-report-2023
 Impact of foreign aid on economic growth of Nepal
[Link]
 Impact of foreign trade and foreign direct investment on economic growth
[Link]
perspectives-in-management/issue-446/impact-of-foreign-trade-and-foreign-
direct-investment-on-economic-growth-empirical-insights-from-nepal
 International Relation for economic Growth
[Link]
1
 Impact of Ukraine-Russia war in Nepal [Link]
russia-ukraine-war-in-nepal/
 Impact of Gaza war
[Link]
 Russian offensive and impression in South Asia : Prospective from Nepal
[Link]

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