Poor administration of fiscal policies, in the last five years, has led to the downfall in the country’s economy, said the Prime Minister, yesterday.
The current Gross Domestic Product stands at 2.05 percent.
Lyonchhen Tshering Tobgay said 2.05 percent GDP is unacceptable for a small society like Bhutan.
“Growth rates have been declining and a series of problems in the last few years have expressed themselves at this dismal growth rate in 2013.”
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The Prime Minister said they have taken corrective actions by opening trade by ensuring monetary policies are reasonable.
Although, trade in certain areas that remained closed have opened up, the situation of Rupee shortage in the country has improved.
From a Rupee reserve of about 5.9 BN last June, the country as of this September has a Rupee reserve of 14.2 BN.
However, the Prime Minister said all is not well. “We have a long way to go. We are not out of the woods”
The government hopes to bring Bhutan’s GDP at 10 percent as promised many Hydropower projects in the pipeline, and by enhancing productivity and manufacturing, among others.
