Social Sciences, asked by prithikaswar9, 7 hours ago

nepal has a huge potential or development justiy

Answers

Answered by sgokul8bkvafs
0

Answer:put brainllest i had work hard

Explanation:

Economy of Nepal

From Wikipedia, the free encyclopedia

Jump to navigationJump to search

Economy of Nepal

Ktmcity4.jpg

Kathmandu, the financial centre of Nepal

Currency Nepalese rupee (NPR, रू)

Fiscal year 16 July - 15 July

Trade organizations WTO, SCO and SAFTA

Country group  

Developing/Emerging[1]

Lower-middle income economy[2]

Statistics

Population Increase 29,458,427(2021)[3]

GDP  

Increase $36 billion (nominal,2021 est)[4]

Increase $123 billion (PPP, 2021 est)[4]

GDP growth  

-1.9% (19/20) 2.7% (20/21f)[5]

GDP per capita  

Increase $1,236 (nominal, 2021 est.)[4]

Increase $4,199 (PPP, 2021 est.)[4]

GDP by sector  

Agriculture: 26.5%

Industry: 23.4%

Services: 51.1%

(2017 est.)[6]

Inflation (CPI) 6.15% (2020)[4]

Population below poverty line  

18.7% (2020)[7]

31.2% on less than $3.20/day (2020)[8]

Gini coefficient 39.8 medium (2020)[9]

Human Development Index  

Increase 0.602 medium (2019)[10] (142nd)

Increase 0.446 low IHDI (2019)[11]

Labour force  

Decrease 16,016,973 (2020)[12]

semi skilled labor[6]

74.2% employment rate (2020)[13]

Labour force by occupation  

agriculture: 43.1%

industry: 21.24%

services: 35.66%

(2020)[6]

Unemployment 1.47% (2020)[6]

Main industries tourism, carpets, textiles; small rice, jute, sugar, and oilseed mills; cigarettes, cement and brick production[6]

Ease-of-doing-business rank Increase 94th (easy, 2020)[14]

External

Exports Increase $917 million (2020)[6]

Export goods clothing, pulses, carpets, textiles, juice, jute goods[6]

Main export partners  

India Increase 53.1%

United States Increase 11.8%

Turkey Decrease7.2%

(2020)[6]

Imports Negative increase $10 billion (2020)[6]

Import goods petroleum products, machinery and equipment, gold, electrical goods, medicine[6]

Main import partners  

India Increase68.03%(2021est.)

China Decrease 21.46%(2021est.)

(2017)[6]

FDI stock  

$10 billion (31 July 2013 est.)[6]

Abroad: NA[6]

Current account Increase −$68 million (2020)[6]

Gross external debt Negative increase $14 billion (31 December 2020)[6]

Public finances

Public debt Negative increase 40.16% of GDP (2019/20)[15]

Budget balance −0.1% (of GDP) (2017 est.)[6]

Revenues 5.925 billion (2017 est.)[6]

Expenses 5.945 billion (2017 est.)[6]

Foreign reserves Increase $10.45 billion (15 November 2020)[16]

Main data source: CIA World Fact Book

All values, unless otherwise stated, are in US dollars.

The economy of Nepal is largely dependent on agriculture and remittances.[6] Economic development has been complicated and affected by the constant change in political scenarios which has ranged from monarchy to being ruled by the Nepal Communist Party in 2019. An isolated, agrarian society until the mid-20th century, Nepal entered the modern era in 1951 without schools, hospitals, roads, telecommunications, electric power, industry, or civil service. The country has, however, made progress toward sustainable economic growth since the 1950s and opened the country to economic liberalization leading to economic growth and improvement in living standards than compared to the past. The biggest challenges faced by the country in achieving higher economic development are the frequent changes in political leadership as well as corruption.

Nepal has used a series of five-year plans in an attempt to make progress in economic development. It completed its ninth economic development plan in 2002; its currency has been made convertible, and 17 state enterprises have been privatised. Foreign aid to Nepal accounts for more than half of the development budget. Government priorities over the years have been the development of transportation and communication facilities, agriculture, and industry. Since 1975, improved government administration and rural development efforts have been emphasised.

Agriculture remains Nepal's principal economic activity, employing about 65% of the population and providing 31.7% of GDP. Only about 20% of the total area is cultivable; another 40.7% is forested (i.e., covered by shrubs, pastureland and forest); most of the rest is mountainous. Fruits and vegetables (apples, pears, tomatoes, various salads, peach, nectarine, potatoes), as well as rice and wheat are the main food crops. The lowland Terai region produces an agricultural surplus, part of which supplies the food-deficient hill areas.

GDP is heavily dependent on remittances (9.1%) of foreign workers. Subsequently, economic development in social services and infrastructure in Nepal has not made dramatic progress. A countrywide primary education system is under development, and Tribhuvan University has several campuses. Although eradication efforts continue, malaria had been controlled in the fertile but previously uninhabitable Terai region in the south. Kathmandu is linked to India and nearby hill regions by road and an expanding highway network. The capital was almost out of fuel and transport of supplies caused by a crippling general strike in southern Nepal on 17 February 2008.[17]

Similar questions