What is the impact of Nepal's entry into the ranks of low-and middle-income countries?

In its latest national income level classification report, the World Bank said that Nepal has risen from a low-income country to a low-middle income country. In 20 19, Nepal's per capita gross national income rose to 1090, which crossed the threshold of 1036. In 20 18, Nepal's per capita gross national income was $960. In the past 20 years, Nepal has made some progress in poverty reduction. In 20 10, the proportion of poor people was 15%, and it further decreased to 8% in 20 19. However, economists say that Nepal has been seriously affected by the epidemic this year and may enter again? Low income countries? Grade.

The economist Pi Curial said? Although before the outbreak of COVID-19, Nepal quickly and successfully reduced poverty due to the low growth trap, it is impossible for Nepal to become a low-and middle-income country before 2030. Affected by the epidemic, economic growth will stagnate for several years, and it will become an unattainable dream to achieve low-and middle-income countries by 2030. Nepal urgently needs to change its development model and carry out comprehensive structural reforms after the epidemic, because the current development path is not conducive to Nepal getting rid of the low growth trap. ? Stepping into the ranks of low-and middle-income countries is good news for Nepal, but this year, affected by the epidemic, Nepal's unemployment rate and economic recession are more obvious. Some economists said that they expected the income at home and abroad to drop sharply this year or even next year, which means that the gross national income will be affected and Nepal will return to the ranks of low-income countries. Nepal has suffered greatly, which has an important relationship with their imperfect medical system. Now, the epidemic is still spreading rapidly in Nepal.

The World Bank predicts that Nepal's economic growth rate will be significantly lower than 2. 1% in the next fiscal year. Affected by the epidemic, tens of thousands of Nepalese immigrants working in oil-rich Gulf countries and Malaysia have been laid off, and workers who have not been laid off will also be forced to return to Nepal.