On March 5, Nepal voted in an early parliamentary election, serving as a high-stakes climax to a turbulent political reset. This vote, triggered by sustained youth-led, anti-corruption unrest and the subsequent formation of an interim government, mirrors a broader regional shift in which “Gen-Z”-led movements have redefined the political landscape, a trend already witnessed in the recent popular uprisings in Bangladesh and Sri Lanka.

As major traditional forces like the Nepali Congress and the Communist Party of Nepal (Unified Marxist–Leninist) (CPN-UML) contest each other alongside emergent populist parties, the election has moved beyond a mere struggle for legitimacy between domestic factions. It has evolved into a regional geoeconomic signal because Nepal’s stability is inextricably linked to its southern neighbour, India, and the outcome will dictate the terms of engagement on everything from energy security to merchandise transit.

Beneath the slogans about the republic and reform lies a quieter reality: This election is becoming a strict referendum on the economy and on whether the state can finally convert Nepal’s resilience into jobs at home rather than flight tickets abroad. The structural reality driving the electorate’s anxiety is a deep-seated economic vulnerability: Nepal functions largely as a remittance-reliant “coping economy,” hindered by a narrow industrial base and a persistent trade deficit, in which fuel imports regularly outpace total export earnings. Domestic job creation has stalled amid recurrent political instability, with rising non-performing........

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