How Money Remittance to Nepal Shapes the Country’s Economy

Earthquake Recovery Will Continue to Rely on Money Transfer

When sending money to Nepal, not only are you helping beloved family members and friends, you are playing a vital force in the improvement of the country’s economy. Two key factors that comprise most of Nepal’s economy have historically been generated from tourism, and money remittance.

Following the two massive earthquakes that ravaged Nepal, the economy has been struggling to stand on two feet, and many jobs have been jeopardized. Prior to the earthquake, tourism jobs made up a strong majority of employment opportunities in Nepal. With the country and tourist industry compromised following the natural catastrophe, many Nepalese civilians are fighting for ways to recover and survive.

This puts more pressure on migrants and others family members that work abroad to provide relief in the form of money transfer. 30% of the Nepalese economy is comprised of money remittance, and this could be the driving force behind an expeditious recovery for the country. Some experts predict that it will take a full decade for Nepal to recover, but a strong and steady recovery depends heavily upon the handling and investment of the money remittances the country’s people receive.

Economists suggest that the best way to regroup and invest in a stronger long-term economy is to utilize remittances for investments in education and business expansion. Currently, most remittances are being used to provide basic care for individual families who need food, clothing and shelter, which will of course need to come first.

Start Sending Money to Nepal Today

As Nepal faces a long drawn out recovery, finding ways to appropriate remittances for the overall health of the country is key to a strong economic return. To learn about how to send money remittance to Nepal, or to see the current exchange rate, call Lucky Money today 1-888-826-4427 or visit our website.

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