| dc.description.abstract | The economy of Nepal has been impacted by the change in political dynamics, ranging from Monarchy to Communism. Post mid-20th century, the country saw development due to construction of schools, hospitals, roads, industry etc. Since then, Nepal has made substantial economic progress owing to economic liberalization which has led to better lifestyle. With a GDP of $34bn, agriculture (37%) is the primary economic activity. The GDP is also highly dependent on remittances (27.85%) and tourism (7.8%). The country faces an inflation rate of 3.23% and a growth rate of 7.91%. It has a trade deficit, with primary exports being ready-made garments (EU being a larger importer) and food products. Nepal mainly imports fuel, planes, metals, fertilizers, construction materials among the top few. The trade deficit in Nepal has been increasing at an alarming rate, with current imports being 9 times the exports. A decade ago, the import to export ratio was 3:. The Tax revenue was 18.74% of GDP in 2016. The tax revenues have been increasing, with the highest being $1.653bn, for the last quarter of 2017. In 2015, education expense was 3.7% of GDP. | en_US |
