Dimensions of Nepalese Economy

The economy of Nepal is largely dependent on agriculture and remittances. Economic development has been complicated and affected by the constant change in political scenarios which has ranged from monarchy to being ruled by the Nepal Communist Party in 2019. An isolated, agrarian society until the mid-20th century, Nepal entered the modern era in 1951 without schools, hospitals, roads, telecommunications, electric power, industry, or civil service. The country has, however, made progress toward sustainable economic growth since the 1950s and opened the country to economic liberalization leading to economic growth and improvement in living standards than compared to the past. The biggest challenges faced by the country in achieving higher economic development are the frequent changes in political leadership as well as corruption.