After the cold war, when the USA felt now no more rival partners are present thus claims to start an era of economic progress. WTO was formed, but coming to 2000 the poor countries were out of the tracks from the dreamed world. This enforced the western world to invent the term terrorism.
The 9/11 attack, was filmed in a way that now the world is in danger, so, bigger countries need to act immediately. With the sentiment, third work nations passed a resolution in the UN, which gave leverages to the west.
Now the actual scene started, they started to make a statement that terrorism was born from poverty.
Before 2000, the economy of Nepal was isolated. No more touched with the outer world. After 2000, now the arose pressure to change the economy to an open system and she could not tolerate it and became a member of the WTO in 2004.
As Nepal was an agricultural country, production was based on the needs of the people and getting into an open economy was suicide.
The leaders were uneducated, they were in power from a traditional political way. Now from them, a new system was a new experiment. The clever politicians went to lick the boots of the western world.
These leaders started to run the economy based on imports.
With the influence of the western world, and neighbouring you tries, hidden agreements were done like MCC, SPP, and IPS. These all agreements are making Nepal second to Ukraine. The threat started to gain momentum. While China is alert about what is going on in Nepal? So, it blocked its border around a year ago.
Coming to the economy while the import-based economy was doing great because there were many tourists, before 2020. And then, Corona hit the world, now no tourists were seen on the ground meant no foreign currency coming. Coming to 2021 the reserved exchange foreign currency cane down to $ 11.7 billion within 18 months it came to $9.6 billion.
Now the alarming issue is that, no production. Trade deficit charts are observed, we see red colour.
The same situation happened in Sir Lanka, when its reserved foreign currency came down to $2, it raised its hand.
While Nepal to avoid these situations has stopped the import of luxurious goods for the past three to four months. And the decline is due to the high-level visits, officials visits, MP visits and student visas.
The people are not worried about the situation because they are unaware of it. And if we see our import volume, it is way bigger than the annual budget.
This vulnerability of the economy is making the country on the path to failure, but no one is seeing worried about this situation. Besides it, people are happily buying on social networks showing the apple iPhone in their clicks.
While I am from Nepal thus sharing see things and u understand things. But I know that every country is facing the same experiences because we felt in the trap of the west. And we failed to analyse that we are in the era of capitalism.
(No one to blame here, but here I am blaming leaders because it was them who came to the rescue, and they turned out to be failures. They must accept the blame too.)