Some lucky few trusted with the noble duty to keep the remittance economy humming.
The Nepalese government has every reason to be proud of its achievement in 2011. While the world economy is in slomo, the Baltic Dry Index pathetic, nothing but good, meaty and juicy news from Nepal:
Remittance inflow sees sustainable increase
The remittances inflow has seen almost eight times increase in five months to Rs 133.19 billion from Rs 17.7 billion in the current fiscal year.
Rejoice as this is further proof that sending your youth away to work is a much better source of gaining revenue than investing in education, job training and jobs.
The increase in the remittance inflow will be equal to over 20 per cent of the gross domestic product (GDP).
It would not be the first time that the World Bank gets it wrong such as with this assessment:
Despite the global economic crisis that has impacted private capital flows, remittance flows to developing countries have remained resilient, posting an estimated growth of eight per cent in 2011,
It is not despite but because cheap labor is sought that countries like Nepal can send their future away.
The negative effects need not interest the Nepalese government as they can rely on the development bimbos and charity blokes. Negative effects like decreasing payments into the social and retirement funds are the result and this can amount to:
According to the central bank, under transfers, pension receipts, however declined by 19.6 per cent to Rs 10.93 billion.
And neglecting vocational training, higher domestic education, investment into schools and universities etc etc. is of course hardly an attraction for foreign investors:
“Similarly, under the financial account, foreign direct investment (FDI) flow recorded Rs 3.20 billion compared to Rs 3.58 billion in the same period a year ago,”
So IOW, Nepal is finally on a sustainable path towards guaranteed poverty shouldered by its young workers. To achieve this it needs a beastly religion (Churchill) and the unwavering support of the hypocritical development flotilla.
We thought Sir Winston C. had it quite right when he mused about this (social??) aspect: Although personally I am quite content with existing explosives, I feel we must not stand in the path of improvement.
The government of Nepal has certainly subscribed to that.
