Background:

“Nepal is a small Hindu-majority nation wedged between India and China in the Himalayas. Nepal has faced nearly continuous political instability, and it remains one of the world’s poorest and least-developed countries. The economy lacks the entrepreneurial dynamism needed for stronger economic growth and long-term development.” – Heritage.org

Nepal has faced major setbacks in recent decades, but the country has made steady progress.
On 25 April 2015, Nepal faced one of the worst disasters in its history. A 7.8-magnitude earthquake killed nearly 9,000 people and injured more than 22,000. Nearly 800,000 homes were destroyed or damaged, along with tens of thousands of roads, government offices, businesses, and heritage sites.

“Investing in people and building human capital are critical if Nepal is to accelerate its growth and rapidly reduce poverty. Human capital investments raise individual earnings potential, which in turn contributes to aggregate economic growth. For instance, one additional year of schooling in Nepal can raise an individual’s earnings by 8 to 10 percent. Unemployment is highest among young people, who account for 48 percent of the labor force but make up 69 percent of those unemployed. Among all age groups, women’s labor force participation (on average 26 percent) is much lower than men’s participation rate (54 percent).” – World Bank (June 6, 2019) Nepal Development Update