Written by: Jiya Sapkota - 25003, Grade X
Posted on: 30 May, 2022
We have all been hearing about our economic condition everywhere, be it on media, social media or even our school/college. We also have been hearing false rumors about these too. Even though we might say it doesn't really matter, it somehow does. We should keep up with the information and updates of where we live, right? It’s the country where we live in, so it is really an important job to keep up with what is going right and wrong. It is a responsibility being a citizen to avoid the rumors as well as warn others about the facts about critical subjects going on in the country.
But it really is confusing in a way because we get to hear everybody's perspective in this scenario. For example; we hear people saying it is going to be fine but at the same time some people say it is going to get big. People are sharing about how they think Nepal is going to reach the situation of Srilanka’s.
According to the public’s eye, Nepal is definitely moving towards Sri Lanka's situation, while the others believe that it might get better. Although the central bank has stated that Nepal has been showing steady movements in terms of economy, the finance minister has stated that there is no economic crisis. Plus, Nepal Rastra bank said that Nepal's inflation or economy has reached its highest position in the last 67 months. But still following the central bank's report, Nepal is convinced about its economic crisis and the government has made several areas for the improvement of the crisis but it might've turned into a bad thing too as the nepalese started experiencing high price hikes. Also due to the ongoing clash or war between Ukraine and Russia the price of petroleum products has increased too and it is to be bought and sold at a high price. Members of CNI (Confederation of Nepali Industries) have stated that the condition is really not like Sri Lanka so there is no need to worry a lot, the condition is not fine but it is not the worst either. Also keeping in mind that Sri Lanka and Nepal are completely different countries having different histories.
What more might've been the reason behind the crisis?
First thing that comes to our mind is covid, it restricted a lot of tourism practices in Nepal. It managed to shoo away many factors of the tourism industry with its sudden wave. And of course, the remittance rate. It also has been decreasing quite a lot.
So is there any hope for change?
Yes there is, because you know the tourism crisis that grew because of covid is starting to get better slowly. Plus officials also say with the use of electricity we can make few changes by using inductions and electrical products. Nepal still has some foreign currency to keep up so there is a chance for hope. And so to decrease or work with the crisis a little, Nepal has started to avoid the import of luxurious items, which are definitely not so important in daily life but are expensive. Many margin lines of price and import have been made and it has started to be implemented as well.
