Get here 100 facts and information about Nepal’s economy. We are here with some and must know facts and information about an economic condition of Nepal. Read them all and get comments.
100 Facts About Nepal’s Economy
1. Nepal is the small country which is situated in the mid of India and China. The Nepalese are mostly engaged in the occupation of agriculture. As it is one of the main occupations the three regions of people are mostly engaged in agriculture. Great Nepal making concept have come in the proposal but it has not been followed because due to change of government time to time. The life of people is going to the ups and down. The government does not take any step to decrease the unemployment and another resource.
2. The banking networks of Nepal is opening in very fast track. As the development of the banking sector, many of the youth have got the job and they have also started a new and energetic life. There is 31 ‘’A’’ grade bank and 75 ‘’B’’ grade and 89 ‘’C’’ grade bank and 22 ‘’D’’ grade bank. If the infrastructures of the country develop then only the people economy will increase.
3. The lifestyles of the Nepalese is moderate as due to foreign income and the Remittance. The world knows that the Nepalese are very laborious in doing work but due to the creation of employment, THE MANY YOUTH HAVE TO GO THE FOREIGN COUNTRY TO EARN THE MONEY FOR SHELTER AND LIVING. Although the income is less the lifestyles of the people is not less which shows that the country is poor but the people is rich.
4. Due to the change of government in time to time, the development does not move on fast track. The person of the country have to face many problems that are inflation and deflation, farmers are not getting the good price of their production of crops and much more. The industry is also increasing the price of the more demanding commodity and the price of the quality product are also produced in cheap rate which is harmful to the people and the country both. If we see the politics then we can feel like the movement of traveling on the boat in the ponds. I think Nepal is like the ponds.
5. The country is facing the many problems to supply the demanding goods in the market. As it is the landlocked country, the problem of importing the raw material also sometimes creates the scarcity due to depending upon them. The Nepal economy and the political situation has fully depended on the India decision. The decision of India is using and Nepal have to follow according to their instruction due to the treaty that has done in the past with the Nepal and India. The Nepalese are also facing the problem of load shedding as it the world richest country in the water resources after Brazil.
6. The small country does not mean that it should be small. The many small countries have developed and made their identity. The country mostly depends upon the other decision. And due to bad politics, it affects the international market means that the international company does not want to invest which makes the economy curve downward. And if the international company does not establish in the country then the national company charges the high price. It will happen due to the fewer savings of the people and if the person savings is less then they can’t invest or open the production company. That affects the inflation which makes the person poor.
7. If there is the establishment of a national company then the person saving will also increase and the investment will also go in the high speed.
8. The following data shows the accurate dependency and independence over the product. The country structures depend on a base of per capita income. These are the data which will teach and gives information about the actual conditions of the economy:
1.Currency 1 Nepalese rupee (NPR) = 100 paisa
2. Fiscal year – 16 July – 15 July
3. WTO and SAFTA
5. GDP – $67 billion (2014 est.)
6. GDP growth – 5.1% (2014 estimation)
7. GDP per capita – $2400 (2014 est.)
GDP by sector
8. agriculture (35%), industry (20%), services (45%) (2010 est.)
9. 10.01% (mid-February 2016.)
Population below poverty line
10. 25.2% (2010.)
11. Tourism, garment, food and beverages, metal manufactures, herbs.
Ease-of-doing-business rank 45th
12. Exports – $ 1.2 Billion (2016) f.o.b.; note – does not include unrecorded border trade with India (2013)
13. Export goods
carpets, clothing, leather goods, jute goods, grain, herbs, tea, coffee, steel, Cement, Business Processing Outsourcing, Software, Information Technology, Furniture, Cardamoms, Clothes etc
14. Main export partners
The United States 9.4% (2015)
Imports $ 7.2billion f.o.b. (2016)
Petroleum Products, Gold, Machinery.
Main import partners
India 61.4% , China 15.4% (2015)
Revenues- $ 6 billion (FY 2013)
Expense -$ 7 billion (FY 2013)
9. The above data shows the actual position and percentage of exporting and importing of goods. The data also shows the importing goods are more in percent and the exporting good is less in the commodity. It is also the dependency situation which arises the questions that how the country economy improve. The ratios of the increasing economy go falling due to political instability. The Nepal Rastra Bank has permitted the many laws over the bank it is because the increase of the banking sector will provide the loan in less interest rate which increases the person’s savings. And the person savings increases the investment which will create the employment and provides the job. The people of Nepal are very honest.