Nepalese economy is experiencing significant growth in terms of its macro aspects. The foreign reserves are steadily improving, and the dollar reserve is capable of covering approximately a year's worth of imports. The national economy, in terms of data, appears to be in good shape. However, there is a puzzling slowdown in the economy. The reason behind this is quite simple: a large number of young individuals are not just flying abroad for jobs, education but for permanent settlements. If we reflect on the situation a decade ago, during my school and early college days, the dream for many students was to become a doctor, engineer, or chartered accountant. The one and only target was to crack exams such as MBBS, engineering, agriculture, BBA, forestry, and so on. However, the scenario has taken a U-turn. Nowadays, I observe that most young individuals dream of traveling abroad not only for study or work, but to settle down permanently with their families. Even young bankers and government officers are leaving their jobs and heading overseas. A decade ago, banking and government jobs were considered the best in town. On a Christmas Eve, my better half and I went to a nearby restaurant for a small gathering. Surprisingly, the popular restaurant was quite empty compared to the previous year. I asked the owner why it is so quiet, especially on such an occasion. Instead of answering directly, he asked a question : How many of my friends had traveled abroad and where are they celebrating the festivals? His question provided me with all the answers I got more than I expected. Sometimes, questions can be the most elaborate answers. That day, I truly felt.
So, let's get to the point. Why is the Nepalese economy slowing down? The main answer lies in the fact that young individuals are leaving the country and settling abroad. To further explore this, I visited a tea shop and asked the owner about his business. He informed me that it was slow. I answered myself. People in their 50s or older prefer to have tea at home.
It reminded me of my younger days, when my friends and I would gather at tea shops for hours, eagerly waiting for our tea to be served. The majority of my friends who used to enjoy such moments have now moved abroad.
The situation is similar with clothing stores. Older individuals tend to purchase fewer clothes compared to younger ones. This is a conclusion I have reached on my own. The backbone of the economy lies in the hands of young people. They are the driving force behind the economy and prevent it from becoming stagnant. Now, let's shift our focus to a one of the major pillar of Nepalese economy: real estate. Why is the real estate market not as prosperous as it used to be before? Youngsters dream to travel abroad. They dream of obtaining permanent residency or a green card in another country. In that case, who would want to build a house here? Even their parents wouldn't. They too dream of traveling abroad with their children and settling there. Let's take a step back and consider the expectations of parents and society in my father's generation. What did they expect from their children? They expected their children to take them on religious pilgrimages or similar endeavors. But what are the dreams of today's parents and society? They dream of their children graduating from foreign universities and having the opportunity to travel abroad for graduation ceremonies. Many parents dream of their children starting families and having young ones, so they can travel and settle abroad.
While central banks may feel better with the expansion of foreign currency reserves, and the Ministry of Finance may be pleased with the increase in capital expenditure and revenue, the main issue plaguing the national economy is not being addressed. I have come to the conclusion that unless the youth aspire to settle within Nepal, I do not believe any significant progress will occur.
It is important for the authorities to prioritize the youth and establish an enabling environment for them to settle in Nepal and contribute to the development of the nation.
The content written above is my personal opinion.
I can be reached at : bajgains@gmail.com
977-9849056161( Whats app/viber).
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