The Asian Development Bank (ADB) Chief Economist and Director General of the Economic Research and Development Impact Department, Albert F. Park, today lauded policymakers in Nepal for their efforts toward reducing poverty in the country over the past two decades.

Park made the comments on the final day of a 4-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 said Nepal had made strong gains toward reducing poverty, but pointed to key challenges for increasing sustainable, long-term growth.

Park said Nepal needed to increasingly move from a remittance-dependent economy to an economy focused on productivity and job creation. He said key priorities included increasing foreign direct investment, improving infrastructure, expanding technology, better integrating Nepal with global markets, and growing exports.

The Government of Nepal appreciated ADB’s role as one of Nepal’s major development partners, providing assistance for investments toward the country’s development.

Park also met with the media to share insights on global and regional economic prospects. “Developing Asia’s growth is projected to remain steady at 4.8% in 2025, with South Asia leading at 6.3%,” said Mr. Park. “While potential shifts in U.S. trade, immigration, and fiscal policies could impact the outlook, their effects—if gradual and limited—would emerge mostly in the latter half of 2025.”

Albert F. Park is the Chief Economist and Director General of Economic Research and Development Impact Department (ERDI).

Park has more than 2 decades of experience as a development economist and is a well-known expert on the economy of the People’s Republic of China.

He has worked on a broad range of development issues including poverty and inequality, intergenerational mobility, microfinance, migration and labor markets, the future of work, and foreign investment.

Park is on leave from his position as Chair Professor of Economics, Social Science, and Public Policy at the Hong Kong University of Science and Technology (HKUST).

He served as a founding director of HKUST’s Institute for Emerging Market Studies and Center for Economic Policy, and previously held faculty positions at the University of Oxford and University of