Economics Olympiad opportunity for talent

Along with other questions in the economy and financial sector, his answer and presentation were also satisfactory regarding problem-solving measures related to business as part of collective homework.

In the oral examination of economics, the famous person told the judges, "The economic impact of foreign employment may be positive or beneficial for our economy for the immediate term, but it is not beneficial in the long term." At present, our reserves of foreign money are abundant, capital has been accumulated in the bank, but it has not been utilized. Although there is movable money in the bank, there is no demand, the purchasing power of consumers has decreased, consumption is low. Although there is enough capital, there is a financial crisis. As this situation may become more complicated in the future, economies dependent on foreign employment may fail in the long run.' Famous said that this understanding of remittance-based economy was created after reading news and economics books.

Diksha Khiuju of Uniglobe Secondary School, Sandeep Acharya of Rato Bangla School, Pragyan Sharma of Budhanilkanth School and Prabhat Shakya of Eulens School won gold medals along with fame in Economics Olympiad. Along with this, they have qualified for the International Economics Olympiad (IEO) to be held in Hong Kong next June and are currently undergoing closed training. 1,436 students under the age of 20 from 40 schools and colleges in all seven provinces applied for the national level competition held on February 5 to 7. A final stage three-day competition was held at Apex College in Kathmandu among the top 80 students.

Arjun Sapkota, president of Young Economics Society-Nepal, says that this Olympiad is being organized with the aim of raising awareness about economy, business and financial education from the school level. According to him, the winners of the competition have gained international access and some of the former winners have also received scholarships in the world's biggest universities and colleges. Arjun believes that economic olympiad has become popular among young students recently for these opportunities and exposure as well as for networking. "There is a need to increase the knowledge and awareness of the economy, business and finance sector in Nepal," says Arjun.

In some countries, Economics Olympiads are held at the initiative and initiative of governments and universities, but in Nepal, students themselves have been organizing this regional and national level competition. Arjun, a student of economics, has been organizing the Olympiad since 2019 along with friends including Bharat Kharal. At that time, Deepshikha Shrestha of Trinity International College won the silver medal in the Olympiad held in Russia. After the competition in Russia, Arjun's group organized a national level competition. Those who won the gold medal were included in the international competition.

Despite having limited resources and basic training, Nepali students are winning various medals in the International Economics Olympiad every year, says Arjun. Nepal won two bronze medals each in the competition held in Kazakhstan in 2020 and Latvia in 2021. 48 to 50 countries participate in the International Olympiad. "This year, we are training students through closed training to win gold medals," says Arjun, "Nepal's performance in economics and financial literacy is good, but we have been seen as weak in the category of business context. It will have to be improved. Arjun said that they have also developed a sophisticated curriculum to enhance the knowledge and information of the financial sector to Nepali students.

Anubhav Dhungana, a student of St. Xavier's College who participated in last year's International Economics Olympiad, says that the competition is helpful in understanding and developing ideas about economics. According to him, the issue of improving the economy of any country should be viewed from an academic or academic point of view. He believes that only if the government ensures equal access to quality education for students across the country, it will help in producing competitive and capable manpower with critical awareness. "We are left behind by the weak educational system," says Anubhav. Economic reform of the country is not easy until this gap of education is eliminated.'

Diksha Khiuju, a Uniglobe college student who is currently undergoing training, says that she learned from the Olympiad about the importance of 'team work' and different opinions in running a business. "In the business case analysis category, we had to analyze the market of a new type of teapot and decide when and how much to invest in it or not," Diksha says. Our presentation became effective when everyone answered the questions asked by the judges.

The Executive Director of Nepal Rastra Bank, Gunakar Bhatt, who was present at the award distribution program of the National Economics Olympiad, said that since there is a significant workforce in the age group of 14 to 59 years in Nepal, this demographic advantage should be used in the country's institutional development process. Similarly, Economist Vishwa Paudel, who is also the Board of Trustee of the organizing organization, opined that there should be equal access and presence in not only the Olympiad but also the participation of students from all parts of the country with the participation of students from all parts of the country. Arjun clarified that economics olympiad will be organized at the regional level as well so that the urban areas and private schools are not the only ones to dominate and government school students will be allowed to participate for free from this year.