Global Economic Crisis in Nepal

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The recent global financial crisis has caused considerable economic slowdown in developed countries such as the UK, Germany, France and the USA. The United States and Britain face the greatest financial crisis since the 1930s. While there are reasons for optimism, many developing countries are likely to face challenges in the near future. While governments around the world are trying to contain the crisis, many suggest the worst is not yet over. I, Sushan Shrestha, am a Nepali, citizen of Nepal. 'Global economic crisis' as the word states, affects the whole global market in the world. It has triggered Nepali market and Nepali youths as well.

With the burning global effect of financial crisis, there has been shutting down of many institutions’ and agencies whose effect now, Nepalese people are facing. They are compelled to remain jobless in spite of their qualifications, caliber and interest. One of the brother in my neighborhood who has already completed his MBA in finance, it has been two years he hasn’t got a job. He was willing to start a small business, but unfortunately he couldn’t.

Yes, it is a real story. Many other youngsters like him are unable to start their business. Since the banks demand for high rate of interest, they are unlikely to borrow loans. Consequently, they remain jobless. Many youngsters here are wandering here and there for their jobs. Nepal is a developing country. Not all the places in Nepal are developed and don’t have much opportunities. The fellow youths, in search of better job opportunities move from the slums and downtrodden areas to the cities like Kathmandu, Pokhara, etc.

With the limited amount of money sent from their home, they are compelled to survive in a very delicate situation unless they find a job. But the competition for the job is really tough due to global financial crisis these days. Many are not getting employment opportunities. Especially, not the qualified, the skilled youths but those who have got the...