Apr 15, 2021
Prosperity is possible and so is growth. In order to achieve prosperity and growth, there is a need for economies, both large and small, to transform, as per the demands of the current economic trends, especially in light of the ramifications of economic downturn caused by COVID-19 pandemic. This is where the National Economic Transformation 2030 (NET 2030) has a part to play. It is a document, which when put into practice, will drive forward economic transformation in Nepal through active multi-stakeholder participation and cooperation with a highly engaged private sector. A better understanding of NET 2030 is facilitated through the sections in this document.
The first section of the document delves into the global context of how economic growth has been hindered across economies because of challenges like emergence of unprecedented global forces such as climate change, rising inequality and declining trade flows, widening digital divide, and an aging population, among others. The section also explores the current situation, trends, and challenges in the political, economic, social, technological, legal, and environmental spheres of the country. Alongside, it provides an overview of the three broad economic sectors of Nepal, highlights a few megatrends for the country, and benchmarks Nepal with other countries.
The second section underlines the importance of a document like NET 2030, which aligns with the goals set by the Government of Nepal in its 15th Five Year Plan and the Long-Term Vision 2043 roadmap as well as the Sustainable Development Goals (SDGs) set by development partners. The goal is to increase investment in a few Key Focus Areas that will generate high returns and drive the country towards becoming a Knowledge Economy. To do so, various strategies and methodologies would be required, and those have been mapped in the second half of the section.
The observations from the previous section serve as a basis for identification of Key Focus Areas and initiatives which will bolster maximization of the country’s growth potential through improvements in competitiveness and judicious allocation of resources in growth pockets of the economy that generate high returns. These KFAs, namely, resurrecting the economy after COVID-19; creating a convenient and competitive business environment; promoting investment; developing international trade; developing MSMEs & Start-Ups; developing infrastructure; gearing business service towards knowledge economy; managing human capital and developing capacity; creating a responsible private sector; and reforming policies, have been discussed in detail in the section. And in order to emphasize the need to focus investment on these KFAs, each area is described in terms of its current situation, challenges, international best practices, potential and proposed solutions. Each KFA’s description ends with an execution roadmap that not only defines the primary actors but also sets a realistic deadline for the achievement of all proposed solutions.
Explanation of key drivers like, progressive and effective policy environment; infrastructure enhancement and market integration; sustainability and inclusiveness; multi stakeholder collaboration and PPP; development of digital economy, among others, follows in the fourth section of the document. These key enablers drive growth and unlock frictions that hinder a country’s economic transformation.
While the fifth section of the document outlines the expected impact of NET 2030, the sixth section discusses the way forward. The document ends with some concluding remarks, all the while, assuring the readers that NET 2030 will be a living document that aims to be a guiding force behind Nepal’s economic transformation.
Please follow the link : https://drive.google.com/file/d/1x_coWIudXuQjpOsj6zfw7NGvIFLXn5im/view?usp=sharing