Importance of development projects in an underdeveloped country like Nepal
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Answer:
Recent Economic Developments
Nepal’s economy faced headwinds in the first half of FY2020. Following three consecutive years of substantial economic expansion, with growth averaging 7.3 percent per year, Nepal’s economy experienced headwinds in the agriculture, manufacturing, and the service sectors in the first half of FY2020. The agriculture sector was impacted by a delayed monsoon coupled with an outbreak of armyworms, leading to a 1.7 percent (year-on-year) decline in paddy production. In the manufacturing sector, tightening domestic credit conditions, an increased foreign direct investment threshold, and continued low execution rates of public investment projects resulted in a contraction of investment and the number of new businesses registered. Services were impacted by the deceleration in remittances growth and lower tourist arrivals from India, leading to an overall drop in arrivals of 4.3 percent (year-on-year), and an associated slowdown in tourism receipts.
With slower economic activity, imports declined in the first half of FY2020, narrowing the external deficit but adversely affecting revenue collection.
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The goal of all development projects is to help improve people's lives through skills training and other livelihood programs. Development organizations prepare and implement development projects and work to strengthen the capabilities of local institutional and promote community self-reliance through sustainable .
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