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Global Economic Crisis in Nepal



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    The recent global financial crisis has caused considerable economic slowdown in developed countries such as the UK, Germany, France and the USA. The United States and Britain face the greatest financial crisis since the 1930s. While there are reasons for optimism, many developing countries are likely to face challenges in the near future. While governments around the world are trying to contain the crisis, many suggest the worst is not yet over. I, Sushan Shrestha, am a Nepali, citizen of Nepal. ‘Global economic crisis’ as the word states, affects the whole global market in the world. It has triggered Nepali market and Nepali youths as well.

    With the burning global effect of financial crisis, there has been shutting down of many institutions’ and agencies whose effect now, Nepalese people are facing. They are compelled to remain jobless in spite of their qualifications, caliber and interest. One of the brother in my neighborhood who has already completed his MBA in finance, it has been two years he hasn’t got a job. He was willing to start a small business, but unfortunately he couldn’t. Yes, it is a real story. Many other youngsters like him are unable to start their business. Since the banks demand for high rate of interest, they are unlikely to borrow loans.

    Consequently, they remain jobless. Many youngsters here are wandering here and there for their jobs. Nepal is a developing country. Not all the places in Nepal are developed and don’t have much opportunities. The fellow youths, in search of better job opportunities move from the slums and downtrodden areas to the cities like Kathmandu, Pokhara, etc. With the limited amount of money sent from their home, they are compelled to survive in a very delicate situation unless they find a job. But the competition for the job is really tough due to global financial crisis these days. Many are not getting employment opportunities.

    Especially, not the qualified, the skilled youths but those who have got the links to that institutions thought they don’t have required skills are getting jobs. It is also the reason for why conflicts are raising more and more these days in Nepal. Similarly the next problem for the youths is getting less paid. Even if they are highly skilled and have a respectable job, they are less paid because of the less capital income of particular institutions/agencies. The youths have got no other option rather than to be city-dwellers. Most of them are seeking their future in foreign countries.

    They are likely to apply for their further studies or better opportunities in foreign countries where they think they can study and work as well. They consider it is not as difficult as it is here in their own country. Other remaining ones are just roaming here and there getting involved in drug addiction and some in illegal activities. Whereas the situation of females is worse here. In a developing country like Nepal, there are some males who are just eager to take advantages from girls. To be clear, girls are compelled to run their lives selling themselves when they have no job left in their hand.

    They get involved in prostitution willingly or unwillingly. It is crystal clear to us how the condition of jobless youths in Nepal is. From all the above facts, we can know how worse the situation of youths is getting day by day. The global economic crisis has affected the entire whole world including Nepal too. Due to low capital market, many agencies are shutting down. Along with it, many other banking sectors, industries too are unable to hire manpower resulting Nepalese youths to be jobless and getting involved in illegal activities and drug addiction.

    Global Economic Crisis in Nepal. (2017, Mar 01). Retrieved from

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