Nepal
Nepal has made remarkable progress in reducing poverty over the last three decades, with its poverty rate declining from 55% in 1995 to 0.37% in 2022. However, the country still faces significant economic and political challenges.
*Economic Overview*
Nepal's economy is heavily reliant on remittances, which account for a significant portion of its GDP. The country's economic growth is projected to reach 4.5% in FY25, driven primarily by the services sector. However, the economy is vulnerable to external shocks, including geopolitical uncertainties and rising trade restrictions.
*Political Landscape*
Nepal transitioned to a federal democratic republic in 2015, with a multi-party democracy and a coalition-based government. The country has made progress in establishing institutional structures and adopting key legislation, but challenges persist in building a fully functioning federal system.
*Economic Overview*
Nepal's economy is heavily reliant on remittances, which account for a significant portion of its GDP. The country's economic growth is projected to reach 4.5% in FY25, driven primarily by the services sector. However, the economy is vulnerable to external shocks, including geopolitical uncertainties and rising trade restrictions.
*Political Landscape*
Nepal transitioned to a federal democratic republic in 2015, with a multi-party democracy and a coalition-based government. The country has made progress in establishing institutional structures and adopting key legislation, but challenges persist in building a fully functioning federal system.
Poverty Facts about NEPAL
- Despite significant progress in reducing poverty, Nepal still faces challenges in providing quality jobs and promoting sustainable growth. The country's workforce is largely informal, with 82% of workers engaged in informal employment. The World Bank Group's Country Partnership Framework (CPF) for Nepal aims to support the country's development goals, focusing on job-creating growth, resilience to natural disasters, and promoting a more prosperous, sustainable, and inclusive future.
The SOL Foundation™ goals for NEPAL
- Everyone has access to nutritional meals and fresh water
- Every individual is able to receive nature based education and training
- Able to co-habitat with nature and wildlife
- Marginalized women have empowerment over their own lives and decisions
- Individuals with disabilities and orphans are able to be part of the community and help enhance the country as a role model citizens.
