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Nepal Cannot Rely on Remittances to Become Middle Income Country: Report
1 min 47 sec to read
October 27: Nepal risks failing to make a jump to the “middle income” status by relying too heavily on remittance for income, a new report by the Overseas Development Institute (ODI) and South Asia Watch on Trade, Economics andEnvironment (SAWTEE) has warned.
Economists at the two think-tanks have calculated how, based on past growth rates, Nepal is on course to graduate from a low-income country (LIC) to a lower-middle-income country (LMIC) by 2030, reads a statement issued by SAWTEE.
However, this would require the creation of 6.1 million jobs, of which 3.1 million are needed simply to match population growth.
The report, ‘Pathways to prosperity and inclusive job creation in Nepal’, details how growth since 2000 has not been based on high-quality jobs. Instead, the lack of good jobs has resulted in young people looking for work overseas. It is estimated that up to 4 million people are working abroad, generating remittances worth more than 30% of the GDP.
Researchers have now urged the government and all political actors to put a long-term plan in place for economic transformation and job creation in four key sectors identified in the report – agro-processing and light manufacturing; information and communication technology (ICT); tourism; and hydropower.
The ODI-SAWTEE report examines, in detail, what is currently holding the four priority sectors back, from the perspectives of individual firms. Accounting for political instability and the unique circumstance of Nepal’s high labour migration, and a resulting over-reliance on remittances, the report finds that there must be urgent action to ensure the target for graduation to LMIC by 2030 stays on track.
The paper also suggests agriculture, forestry and fishing as important sectors due to their major impact on growth and jobs in the past.
The paper argues that by focusing on priority sectors with potential, through targeted policy action and better co-ordination, Nepal can achieve economic transformation. It offers recommendations for five areas for action including around transport and energy, infrastructure, on-the-job and technical training to fill the skills gap, relaxing capital account restrictions, increased advocacy and improved tertiary education.
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<p>Economists at the two think-tanks have calculated how, based on past growth rates, Nepal is on course to graduate from a low-income country (LIC) to a lower-middle-income country (LMIC) by 2030, reads a statement issued by SAWTEE.</p>
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<p>The report, ‘Pathways to prosperity and inclusive job creation in Nepal’, details how growth since 2000 has not been based on high-quality jobs. Instead, the lack of good jobs has resulted in young people looking for work overseas. It is estimated that up to 4 million people are working abroad, generating remittances worth more than 30% of the GDP.</p>
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<p>Economists at the two think-tanks have calculated how, based on past growth rates, Nepal is on course to graduate from a low-income country (LIC) to a lower-middle-income country (LMIC) by 2030, reads a statement issued by SAWTEE.</p>
<p>However, this would require the creation of 6.1 million jobs, of which 3.1 million are needed simply to match population growth.</p>
<p>The report, ‘Pathways to prosperity and inclusive job creation in Nepal’, details how growth since 2000 has not been based on high-quality jobs. Instead, the lack of good jobs has resulted in young people looking for work overseas. It is estimated that up to 4 million people are working abroad, generating remittances worth more than 30% of the GDP.</p>
<p>Researchers have now urged the government and all political actors to put a long-term plan in place for economic transformation and job creation in four key sectors identified in the report – agro-processing and light manufacturing; information and communication technology (ICT); tourism; and hydropower.</p>
<p>The ODI-SAWTEE report examines, in detail, what is currently holding the four priority sectors back, from the perspectives of individual firms. Accounting for political instability and the unique circumstance of Nepal’s high labour migration, and a resulting over-reliance on remittances, the report finds that there must be urgent action to ensure the target for graduation to LMIC by 2030 stays on track.</p>
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