Electoral mandates alone cannot fix Nepal’s structural economic fragility

Arrogance about a political majority amid structurally paralysed markets is a dangerous illusion for those in power.

Over the past 35 years, Nepal’s electoral landscape has produced four spectacular parliamentary mandates—won either by a single party or a unified alliance—including the most recent, a near two-thirds majority government led by Prime Minister Balendra Shah. Yet each of the three preceding majorities ultimately failed to complete its full five-year term, while coalition powers proved even more short-lived. Although intra-party disputes are the visible triggers for these government collapses, the root cause is subtle and systemic. In a country marked by both geographic and geopolitical vulnerabilities, a largely extractive political bureaucracy, and an economy that has persistently struggled to channel capital into productive capacity, the governing equilibrium remains fragile. Under such rigidity, even a dominant political power can quickly break down amid minor shocks, whether internal or external.