The Nepalese Economy
Some Genuine Concerns

By Gandhi Raj Kafle

NEPAL is now in an economically uncomfortable situation. There is no market optimism. The sectors like trade, tourism and industry have been recording economic slackness. Job generating capacity, which is one of the characteristics of a vibrant economy, has declined. The symptoms of economic slowdown are also seen in revenue side of the government. The productive sectors, which were promising some years ago, are now facing tough times.

Vulnerable

Against this macroeconomic situation, the poor people are naturally troubled more vulnerably. So, the government must undertake a significant economic task to make people feel relieved. How can the government do it? The answer may be difficult, but it’s not without solution. So, the government should not lose its development spirit. It is high time the government initiated steps to fight current economic anomalies.

In fact, sustainable economic programmes, which the country requires to keep the poor people out of their plight in the long run, still need to be implemented in a more focussed manner. This is a process in which two active agents—state and people—work together for accelerating the process of development. The government while playing its role on behalf of the state needs to sharpen monitoring and evaluation bodies for reviewing project performance to facilitate reforms for achieving the desired results.

Such result in Nepal’s prevailing condition, however, will meaningfully be achieved when the poor people’s participation is development activities is impressive. But the question is, will our people join this mainstream endeavour for the nation? The development experience of the country has been optimistic. Change in social attitude and level of response of the people to the policy level concerns and priorities of the nation have been very positive. It’s a kind of ensured development asset to the government which now wants to boost economic activities for the people.

The government, therefore, can be confident in it. But, the confident and promising government, however, needs to meet the people’s aspirations sincerely because they want rapid economic progress to achieve higher level of income. The people, in fact, always worry about static income for which they seek inspiring policies and programmes from the state.

The fresh economic slowdown, which has kept the common people in discomfort these days, is another notable matter to worry about. Similarly, the cases of rising corruption have become the causes of rising public anger. Anti-corruption measures, which the concerned authorities have recently adopted to curb the cases of abuse of authority, need to be mentioned as positive initiatives in this context.

The people are also demanding practical action and solution to the present day economic problems in the country. There have been numerous suggestions, concerns and worries from economists, private sector bodies and civil society, which show that the people are no longer indifferent towards the national economic difficulties. These all are common concerns, which are very important to work for the people and nation.

So far as economic development is concerned, Nepal’s prevailing social atmosphere can be taken as stimulating factor of production. The government can, therefore, expect enhanced level of public participation in economic activities. Even the poorest of the poor people can offer active involvement for building this nation economically better. This enthusiasm and spirit of cooperation seen at people’s level in Nepal are very important elements for the permanent peace and progress.

Today the Nepalese economy is troubled from all sides. The jolts it has got in tourism sector have been serious. The investment made optimistically in hotel business some years ago is jeopardised now. The country’s many glossy hotels and thousands of employees working with them are affected badly. This situation, it’s sure, will not be normalised unless our tourism sector gains some recovery in the days to come. The distortions beyond tourism are also vulnerable. Therefore, the ill elements, which have derailed our economy recently, have to be corrected in totality. For it, besides so many other socio-economic measures, the country’s peace image needs to be restored first.

Such measures, which give a sense of relief to anomaly hit productive sectors, however, should be adopted in time because Nepal’s economy has not gone out of control yet. The conscious citizens and the welfare minded state both have to work together in the difficult period of economic slowdown honestly towards it for the speedy recovery. Priority has to be given to maintain financial discipline.

Cooperation

Suitable fiscal and monetary measures for hard time economy also yield greater benefit for directing productive sectors towards stability. Cost-cutting policies are preferred, but they should not be detrimental to the rational dealings and transactions for greater output. The worries and concerns about the economic slowdown in Nepal, thus, can be tackled. However, it all depends on how boldly the government and civil society cooperate for economic recovery.

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