The global financial crisis in developed countries such as the UK, Germany, France, and the USA has caused a significant economic slowdown. The United States and Britain are experiencing their most severe financial crisis since the 1930s. Despite some optimism, many developing nations will likely face challenges in the near future. Governments worldwide are trying to manage the crisis; however, numerous individuals believe that even tougher times lie ahead. I am Sushan Shrestha from Nepal and, as a Nepali citizen, I have personally witnessed how this global economic crisis affects not only the international market but also our local Nepali market and youth.
Due to the financial crisis in Nepal, many institutions and agencies have been forced to close down, resulting in negative consequences for the population. Even individuals with qualifications and skills are experiencing difficulties in finding employment. I personally witnessed a neighbor who has an MBA in finance struggling to find work for two years. Despite wanting to start a small business, he couldn’t do so because of unfavorable circumstances. Unfortunately, this is not an isolated incident as many other young people also face obstacles when trying to launch their own businesses due to banks charging high interest rates that make it challenging for them to get loans.
Due to limited employment options in certain regions, a significant number of young individuals in Nepal find themselves jobless and aimlessly wandering. In search of better opportunities, they migrate from impoverished areas to cities like Kathmandu and Pokhara. Unfortunately, this leaves them vulnerable as they depend on scarce funds sent from home and must find work to sustain themselves. Moreover, the ongoing global financial crisis has exacerbated job competition, further hindering many individuals from obtaining employment.
In Nepal, job opportunities are primarily given to individuals with institutional affiliations, regardless of their qualifications. This has led to increased conflicts in the country. Furthermore, despite being highly skilled and having respectable jobs, young people struggle with low wages due to limited financial resources of their employers. Consequently, many youths feel compelled to move to urban areas as they see no other options for their future prospects. Additionally, a significant number of them actively seek opportunities abroad.
Many individuals are inclined to continue their education or find better job prospects overseas, perceiving it as less difficult than in their home country. On the other hand, some opt to wander without purpose and may fall into substance abuse or participate in illicit behavior. Unfortunately, females face an even more dire situation. In countries undergoing development like Nepal, there are males who exploit young girls for personal benefits. To clarify further, when girls lack any other means of support, they are compelled to engage in survival-based prostitution.
Whether willingly or unwillingly, they become involved in prostitution, highlighting the dire state of unemployed youths in Nepal. The worsening condition that these youths face daily is evident to us, as the worldwide economic crisis has impacted Nepal too. Due to the low capital market, numerous agencies are closing down, and sectors such as banking and industries are unable to hire workers. Consequently, Nepalese youths are left unemployed and resort to engaging in illegal activities and drug addiction.
