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Bhutan’s Economic Transition and Perceptions of Corruption

Section 1: Bhutan’s Policy Context and Perceptions of Corruption

Overview

Bhutan is undergoing a significant economic transformation from a least developed country (LDC) to a lower middle-income country by 2023. With a stable economic environment, the country has achieved an impressive annual average economic growth rate of 7.6% between 2007 and 2017, far surpassing the global average.

Economic Indicators

• GDP per capita: US$3,122 (US$11,508 after adjusting for purchasing power parity), one of the highest in South Asia.
• Economic growth rate: 7.6% between 2007 and 2017, exceeding the global average.

Key Sectors Driving Economic Growth

• Hydropower construction: A significant contributor to Bhutan’s economy.
• Supportive fiscal and monetary policies: Encouraging economic growth and stability.
• Domestic services: A growing sector with opportunities for development.

Challenges Faced by Businesses in Bhutan

• Upgrading ICT infrastructure: Essential for the country’s future economic growth.
• Access to finance: A significant obstacle for businesses in Bhutan.
• Restrictive labor regulations: Hindering business operations and growth.
• Inadequate supply of infrastructure: Limiting business development.

Poverty Analysis Report

• Poverty rates: Significantly higher in rural areas (11.9%) than urban areas (0.8%).
• Income inequality: Has not changed significantly, with the pandemic potentially impacting farmers’ income.

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