What are the elements that shape a country’s transition from volatile politics to stable democracy? All too often, policy analysts focus on the political process, while neglecting the vital role of economic reform in determining democratic success or failure.

 

In the last decade, high unemployment and lack of entrepreneurial opportunities posed serious challenges to Nepal’s transition. On the other hand, the country faced growing unresolved grievances caused by issues such as misappropriation of private property, rampant corruption and widening inequality.

 

Yet, there is a silver lining. Despite a decade-long political turmoil and armed conflict, the country’s economy was successful enough to maintain its basic economic indicators in a positive direction. 

 

Many believe that Nepal can achieve prosperity if elections are held on time as political parties will agree on a common economic agenda to take the country into a prosperous future.

 

Can economic prosperity be achieved in a country that reels under perennial problems? We think it can. Incredible natural resources have favoured the country for development. Now it is our turn to do a favour to our collective dream of becoming rich, prosperous and happy. We can achieve economic prosperity only if we put in collective effort. 

 

The desired need for economic growth must be a sincere commitment from all walks of life. 

 

The government is heading towards a dream of achieving the status of ‘developing country’ by 2022 through a three-year plan. Many suspect whether the Nepali economy can begin the journey of prosperity in the given circumstances. The experience of the last decade, however, shows that the country can achieve things if the CA election is held on time and if political parties are united on a common economic agenda.

 

Despite political instability, Nepal has witnessed noticeable growth in all sectors during the last decade. In recent years, many banks and money transfer businesses have grown. Nepal was one of the highest receivers of remittance on the basis of the Gross Domestic Product (GDP) in 2011.

 

Be it the health and education sector or the manufacturing and industrial sector, the country has succeeded to achieve remarkable progress despite political instability.

 

There are rays of hope also in the hydropower sector. Currently a power deficit country, the country will be in power surplus by 2018 if all ongoing projects are completed within the stipulated time. 

 

Most important of all for the desired level of growth is the leading role of the private sector in investment, production and distribution of all goods and services. Of course, state support is a need as is security and ground for fair-play. Guided by this philosophy, New Business Age co-organised a conclave on the growth debate in Kathmandu on 24th August, with the opportunity to recognise the contribution of the business sector to growth. This recognition came in the form of ten categories of business awards. 

 

For the sustained prosperity of the nation, we need to start modest and all big dreams will fall in line with the accomplishment of initial ones. If we achieve 7 per cent growth first, then a double-digit figure can soon follow.  As in an essay by noted litterateur Laxmi Prasad Devkota entitled ‘Is Nepal Insignificant?’ where he eloquently writes about the prospects of Nepal, this country has tremendous potential for economic growth. But all we need to boost the country’s economy are commitment from the political leadership, positive thinking of the general public and sincere and genuine effort from the private sector.