With an estimated 1.24 million Nepalis working abroad (other than India), the contribution of remittances comes to 17 per cent of the size of the GDP. With the prospects abroad, data speak of over 600 Nepalis leaving the country every day. But, the global financial crunch is slowly catching up with the countries where Nepalis have been making a beeline for employment. It is understandable that the major destinations for employment are cutting down on the openings where migrant workers were much sought after. This might come as a rude shock to those Nepalis who are making plans for employment abroad. The fact, however, remains that even many of those abroad at the moment may not be able to retain their jobs or they may receive lower wages which would affect the amount of remittances.
This is one facet of the financial crisis which has started hitting Nepal and all the talk of complacency will be washed away and replaced with a more sober economic outlook. Not only the remittance-dependent families but also the country as a whole will suffer if a more vigorous approach from the planners to soft-cushion the effects of the global credit crunch is not devised. Therefore, the government has to have clear and effective plans and programmes to implement urgently. The economic slowdown has already started affecting developed countries in a big way.