The report is one of the documents insupport of discussions for an upcoming Nepal DevelopmentForum meeting, and, updates the macroeconomic development,and performance of related key areas of the economy,specifically, the period following the last economic updateof November 1997, focusing on the provision of an overallframework for the reform agenda. The study reviews theeconomic growth of the country, which, despite certaingrowth, enabled by a series of reforms in the late eighties,has slowed down in recent years, largely due to politicalinstability. Consequently, economic performance has beenunsatisfactory, with almost no progress in reducing poverty,nor in addressing structural reforms. Forceful actions toaccelerate economic development are recommended, namely, toimprove public resource management, by changing the role ofthe public sector, towards the improvement of publicexpenditures, and revenue reforms. Furthermore, it isnecessary to provide a level playing field for the privatesector vis-e-vis public enterprises, enhancingcompetitiveness, and, most importantly, to establish therule of law, in support of private sector activities.Conclusions address critical issues, such as financialsector reforms, institutional capacity building,decentralization, and the promotion of ownership, and participation.
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