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Class : 11
Unit : Economics

Concept of Nepalese Economy

Ans : Economy is a system that tries to balance the available resources (Land, Labor and Capital) against the need and want of consumer. Nepal is a land locked country and Nepalese economy is locked between India and China. Nepal is among the poorest and most remote countries in the world. Agriculture is the backbone of Nepalese economy. Approcsimately 66% of total active population are engaged in agriculture farming. About 32% total GDP is contributed by agriculture sector. There is huge disguised unemployment, mass poverty, dual ownership, low productivity, unequal distribution of land in Nepal. About 22% of populations are below poverty line. The industrial sector is a secondary sector in Nepal which provides employment opportunities. Industrial sector is still at the development stage. It provides employment less than 2% of total labor force. About 14.5% of GDP is contributed by industrial sector.
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