The 21st-century Economic Roadmap draft report proposes a goal to achieve high-income nation status by 2030. This will be defined by a Gross National per capita income of more than USD 12,000. According to the draft, to achieve high-income nation status, the annual investment requirement could reach as high as Nu 1500bn over the next ten years. For now, the Gross National per capita income of Bhutan is more than USD 3,000 as per the World Bank.
The draft report which was presented last week provides strategic plans to prioritise economic development for the next ten years. Various issues and intervention are identified through two tracks, enablers and drivers. The four enablers such as energy, technology, health, and capital, will provide a platform for economic activities to thrive. Meanwhile, five identified drivers which are construction, manufacturing, agriculture, cottage and small industries and tourism have the potential to accelerate economic growth and create gainful employment.
“We’re currently at an LDC level and our proposal in the draft economic road map is that we will be a high-level income country by 2030. So this means increasing probably the GDP level from the current, about Nu 300bn to almost Nu 700 to 800bn per annum. A lot of people are a little surprised with our proposed GNI per capita, we are aiming at a high-income society. We feel that this is doable because of what our successful sectors are doing already. For example, hydropower and of course unfortunately tourism has been mostly impacted during the current COVID crisis. Otherwise, tourism has been doing extremely well. Now we see some of the new sectors where we have identified like the culture and creative industries are building on brand Bhutan,” said Kinga Tshering, the Chairperson of the National Taskforce.
Experts from various field such as business, economy, technology and entrepreneurship took part in drafting the report, which has been submitted to the government for further deliberation and endorsement.
Kelzang Choden
