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Economis Essay

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Below is an essay on "Economis" from Anti Essays, your source for research papers, essays, and term paper examples.

Nepalese economy, largely a subsistence as well as high-cost economy with no direct access to sea for expanding international trade, and limited transit facilities, rising interest rate on lending, high tax burden, and costly doing business, is passing through a downswing phase circumscribed by poverty and stagnation. Agriculture is the biggest but subsistence sector with built-in dependency syndrome, where still more than 70 percent of the total population derives their livelihood directly from agriculture encapsulated by staggering magnitude of disguised unemployment, mounting rural indebtedness and a high incidence of poverty with 74 percent of the households possessing less than one hectare of land (CBS, 2008). The contribution of manufacturing sector compressed to less than 6 percent of GDP in recent years attributing to prolonged transition, poor industrial relations and lack of investment-friendly environment. Although population below national poverty line declined from 30.9 percent in 2007 to 25.4 percent by the end of 2010 (TYIDP, 2010-12), the Oxford University/UNDP research team employing Multidimensional Poverty Index (MPI) revealed that population below absolute poverty line is as high as 65 percent in Nepal (OPHI & HDR, 2010). The burgeoning economy is a classic case of pervasive poverty strangulated by sluggish economic growth rate, poor governance and rampant corruption, where a majority of the people lives in abject poverty struggling for their survival. The poor and ultra-poor have no access to lead a dignified economic life due to high-cost economy. Nepal's economic development is, therefore, extremely challenging and sometimes it is tantamount to intractable journey through silk-road. The international comparison illustrates that Nepal's economy is conspicuously trailing behind other member countries in the SAARC Region.
Current Economic Situation
In recent times, Nepal's economic growth rate is inordinately low confined to 3.5 percent with...

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