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The economy of Nepal is a developing category and is largely dependent on agriculture and remittances. [6] Until the mid-20th century Nepal was an isolated pre-industrial society, which entered the modern era in 1951 without schools, hospitals, roads, telecommunications , electric power, industry, or civil service.
Nepal is a country enclosed by land, situated between China and India. It has a total area of 148,006.67 square kilometers and a population of 29.16 million. [1] It has a small economy, with a GDP of $42 billion in 2024, amounting to about 1% of South Asia and 0.04% of the World's GDP.
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Of the seven provinces of Nepal, four are considered to have "medium human development" per the Human Development Index, namely Bagmati, Gandaki, Koshi Pradesh, and Lumbini. The other three, which are considered to have "low human development", are Sudurpashchim, Karnali, and Madhesh.
2016 Index of Economic Freedom ranked 152 out of 178 [1] Ease of Doing Business Index 2020 ranked 94 out of 190 [2] Global Competitiveness Index 2016-2017 ranked 98 out of 138 [3] IMF Nominal GDP per capita 2019, ranked 158 out of 187 economies [4]
Nepal's foreign exchange remittances of US$8.1 billion in 2018, the 19th largest in the world and constituting 28.0% of GDP, [197] were contributed to its economy by millions of workers primarily in India, the Middle East and East Asia, almost all of them unskilled labourers.
In Nepal, the economy is dominated by agriculture. In the late 1980s, it was the livelihood for more than 90% of the population. Although only approximately 20% of the total land area was cultivable. The agricultural sector has remained the backbone of the national economy.
Ministry of Finance (Nepali: अर्थ मन्त्रालय) is the central authority of Government of Nepal charged with the responsibilities for maintaining both micro and macro economic stability in the country. The position of finance minister in Nepal has been held by Barsaman Pun since 6 March 2024. [1]