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Economy of Nepal

Nepal is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developing nation, Nepal may not be able to offer consistent social services to its citizens. These social services may include things like public education, reliable healthcare, and law enforcement. Citizens of developing nations may have lower life expectancies than citizens of developed nations. Each year, Nepal exports around $1.06 billion and imports roughly $6.33 billion. 2.7% of population in the country are unemployed. The total number of unemployed people in Nepal is 799,849. In Nepal, 25.2% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Nepal is fairly high, but is not reason for complete concern with regard to investments. Potential financial backers should look at other economic markers, including GDP, urbanization rate, and strength of currency, before making any decisions regarding investments. Government expenditure on education is 4.6% of GDP. The Gini Index of the country is 32.8. Nepal is experiencing good equality. The majority of citizens in Nepal fall within a narrow range of income, although some cases may show significant differences. Nepal has a Human Development Index (HDI) of 0.54. Nepal has an upper medium HDI score. This indicates that the majority of citizens will be able to attain a desirable life, though some citizens will not be able to achieve high living standards. The Global Peace Index (GPI) for Nepal is 1.878. Due to strong law enforcement presence and high social responsibility, Nepal is very safe by international standards. The strength of legal rights index for Nepal is 6. Overall, it is considered to be rather adequate - bancrupcy and collateral laws are able to protect the rights of borrowers and lenders at least decently; credit information is msotly sufficient and generally available.

Currency

The currency of Nepal is Nepalese rupee. The plural form of the word Nepalese rupee is rupees. The symbol used for this currency is ₨, and it is abbreviated as NPR. The Nepalese rupee is divided into Paisa; there are 100 in one rupee.

Credit rating

Credit rating is the extent to which international investors trust a country in paying debts and upholding the country's obligations in terms of crediting. There is no information on the credit rating of Nepal.

Central bank

In Nepal, the institution that manages the state's currency, money supply, and interest rates is called Nepal Rastra Bank. Locally, the central bank of Nepal is called नेपाल राष्ट्र बैंक.

Public debt

Nepal has a government debt of 58.69% of the country's Gross Domestic Product (GDP), as assessed in 2013.

Tax information

The corporate tax in Nepal is set at 20%. Personal income tax ranges from 15% to 25%, depending on your specific situation and income level. VAT in Nepal is 13%.

Finances

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Nepal is $67137 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Nepal was last recorded at $2 million. PPP in Nepal is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Nepal is 18,179 billion. Based on this statistic, Nepal is considered to have a medium economy. Countries with medium economies support an average number of industries and opportunities for investment. It should not be too difficult to find worthwhile investment opportunities in medium economies. The Gross Domestic Product (GDP) per capita in Nepal was last recorded at $1 million. The average citizen in Nepal has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Nepal averaged 5.5% in 2014. According to this percentage, Nepal is currently experiencing significant growth. Countries that are experiencing significant growth offer the best chance for a substantial return on investment, as GDP growth rate is the most important indicator of economic health. As GDP grows, business, jobs, and personal income grow as well. To read more about financial information click on finances of Nepal.

Industry

Major industries in the country are tourism, carpets, textiles, small rice, jute, sugar, and oilseed mills, cigarettes, cement and brick production. The total labor force of Nepal is 17,052,560 people, wherein 2.7% of population in the country are unemployed. The total number of unemployed people in Nepal is 799,849. The Industrial Production growth rate of Nepal is 1.8%.To read more about industrial information within Nepal click on industry of Nepal.

Agriculture

There are 23009 km2 of arable land in Nepal, and it comprises 16% of the country's total territory. There are 24226 km2 of cultivated land in Nepal. The country's major agricultural crops and products are pulses, rice, corn, wheat, sugarcane, jute, root crops, milk, water buffalo meat.To read more about agriculture click on agriculture of Nepal.