Nepal Prepares for LDC Graduation Amid Economic Growth

Nepal is on the verge of a transformative milestone as it prepares to transition from a least developed country (LDC) to a developing nation by November 2026. Prime Minister KP Sharma Oli attributes this significant progress largely to the recent surge in per capita income, positioning Nepal for this crucial elevation on the global stage.

However, Oli has noted potential challenges that could impede this advancement, specifically highlighting the impacts of climate change and natural disasters. Such hurdles could affect Nepal's progress and its status elevation. Despite these concerns, the LDC graduation stands to boost Nepal's international image and make it more attractive to foreign investors.

Nepal, which was included in the LDC list in 1971 by the United Nations General Assembly, has been striving towards this upgrade since 2010. The country has been implementing strategic plans to meet prerequisites for the transition and aims to solidify its economic position, even if some concessions currently available to LDCs may be lost.

(With inputs from agencies.)