Support For Development

Nepal, set to graduate from the Least Developed Countries (LDCs) status to developing country in 2026, is still grappling with instability, poverty, insufficient infrastructure, trade deficit, unemployment and limited access to capital and modern technology. Despite having demographic dividend, it is ironically facing brain drain and shortage of competent human resources. Its entrenched backwardness precluded it from passing through the phase of agriculture and industrial revolutions. For decades, the country adopted mixed economy that incorporated the attributes of both capitalist and socialist systems. In the early 1990s, it began to espouse neo-liberal economy, giving much emphasis on the private sector-led economic initiatives.