Remittances are the bedrock of Nepal’s economy. They’ve quadrupled since 2010 thanks to 2 million Nepalis who work abroad, generating nearly one-third of the gross domestic product.
The net positives of this boom sector are undeniable. Remittances have reduced absolute poverty, providing households with extra money to spend on education, health and property.
They have kept the balance of payments in surplus for most of the last decade and the exchange rate stable despite turbulent political and economic conditions. For most young people, migrating to find work is a necessity.