Two years ago, Nepal was struck by a devastating
earthquake. It displaced nearly 2.8 million people
and shocked the country’s economy, with an
estimated US$ 7 billion1
in damage and losses in
a country whose gross domestic product (GDP)
stood at only US$ 19 billion.2
In a nation whose
economy depends on private consumption –
which formed a staggering 85.7 percent of Nepal’s
GDP in the fiscal year before the disaster3
– the
economic consequences
of such a catastrophe are
particularly grave. But the
earthquake and Nepal’s
struggle for relief and
recovery also brought to
light other chronic issues
with the way that social and
economic development
have – and have not – unfolded in the country.
These issues raise important questions about
how to build a future for Nepal – a future that
respects the rights and dignity of its people and
offers productive, fair, and sustainable economic
opportunities.