Nepal - Economy
Nepal 12th poorest country in the world: ADB
The Asian Development Bank-a major multilateral
donor to Nepal-has said that Nepal is the world's 12th poorest country, with an
annual per capita of US$ 241-- the lowest in the South Asian region.
About 38% of its 23.2 million population live in poverty. The country's economy
is still predominantly based on agriculture, which is heavily dependent on the
monsoon, the Manila-based Bank said in a statement issued on Monday.
"Nepal's slow growth in recent years, high unemployment rate, and large
proportion of the population living below the poverty line call for measures to
increase the potential for jobs and income generation," said Leah Gutierrez, an
ADB Senior Social Sector Specialist.
ADB has approved a loan this week to provide vocational skills to thousands of
people across the country.
Without a strong private sector to employ Nepal's 200,000 new, mostly unskilled
workers entering the labor force every year, many Nepalese must become either
self-employed or work as unpaid family workers.
Further, an estimated one million Nepalese are working abroad, with 105,000
leaving the country in 2001/2002. However, one study shows that the majority of
migrant workers have not even completed their basic education, the ADB said.
Remittance sent by Nepalis working abroad-mainly in the Gulf countries - is the
main source of foreign exchange in the country. According to unofficial
estimates, as much as 125 billion rupees is entering into the country every year
in the form of remittance.
Source: nepalnews.com by Nov 30 04
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