Bhutan Country Economic Update : Accelerating Growth and Poverty Reduction

Bhutan Country Economic Update : Accelerating Growth and Poverty Reduction

This report was prepared to help the Royal Government of Bhutan (RGoB) meet its felt need for more economic analysis and policy advice. It also seeks to provide information to a wider audience of development partners and interested parties. Over...

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Bibliographic Details
Main Author:	World Bank
Format:	Economic Updates and Modeling
Language:	English en_US
Published:	Washington, DC 2013
Subjects:	ACCESS TO SAFE WATER ACCOUNTABILITY MECHANISMS ACCOUNTING ANNUAL BUDGET ANNUAL BUDGETS ARTICLE AUDITOR GENERAL BALANCE OF PAYMENTS BALANCE SHEETS BANK LENDING BANKING SYSTEM BARRIERS TO ENTRY BASIC SERVICES BOND ISSUES BONDS BUDGET CONSTRAINTS BUDGET DEFICIT BUDGET DEFICITS BUDGET PREPARATION BUDGET PROCESS BUDGET SYSTEMS BUDGETING CAPACITY CONSTRAINTS CAPITAL EXPENDITURE CAPITAL EXPENDITURES CASH RESERVE CASH RESERVE RATIO CENTRAL BANK CENTRAL BANK BILLS CENTRAL GOVERNMENT CENTRAL GOVERNMENT EXPENDITURE CIVIL SERVICE CIVIL SOCIETY ORGANIZATIONS COMMERCIAL TERMS CONSUMER PRICE INDEX CONTRACT LAW CREDIT GROWTH CREDITOR CURRENCY CURRENCY BOARD CURRENCY BOARD ARRANGEMENT CURRENT ACCOUNT DEFICIT DEBT DEBT MANAGEMENT DEBT SERVICE DEBT SERVICE PAYMENTS DEBT STOCKS DEBT SUSTAINABILITY DECENTRALIZATION DEFICITS DEPOSIT DEPOSIT LIABILITIES DEPOSITS DEVELOPMENT BANK DISBURSEMENTS DOMESTIC BOND DOMESTIC BORROWING DOMESTIC CAPITAL DOMESTIC CAPITAL MARKETS DOMESTIC CREDIT DOMESTIC DEBT DOMESTIC REVENUE DONOR ASSISTANCE DONOR FUNDING DONOR FUNDS ECONOMIC CLASSIFICATION ECONOMIC DEVELOPMENT ECONOMIC DEVELOPMENTS ECONOMIC GROWTH ECONOMIC POLICIES ECONOMIES OF SCALE EDUCATIONAL ATTAINMENT ENABLING ENVIRONMENT EQUIPMENT EXCESS LIQUIDITY EXCHANGE RATE EXPENDITURE EXPENDITURES EXPORTERS EXTERNAL DEBT EXTERNAL FINANCING EXTERNAL GRANTS EXTERNAL IMBALANCES EXTERNAL INVESTORS FINANCES FINANCIAL ACCOUNTABILITY FINANCIAL INSTRUMENTS FINANCIAL MANAGEMENT FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL SYSTEM FISCAL ACCOUNTS FISCAL DEFICIT FISCAL DISCIPLINE FISCAL MANAGEMENT FISCAL POLICY FISCAL SUSTAINABILITY FIXED EXCHANGE RATE FOREIGN EXCHANGE GOVERNMENT EXPENDITURE GOVERNMENT FINANCE GOVERNMENT INVESTMENT GOVERNMENT REVENUE GOVERNMENT SPENDING GROSS DOMESTIC PRODUCT HARD BUDGET CONSTRAINTS HARD CURRENCY HEALTH CARE HOLDING HOLDINGS HOUSEHOLD INCOME HUMAN CAPITAL HUMAN DEVELOPMENT HUMAN RESOURCES IMMUNIZATION INCOME TAX INDEBTEDNESS INFLATION INFORMATION TECHNOLOGIES INFRASTRUCTURE INVESTMENT INTEREST PAYMENTS INTEREST RATE INTEREST RATE SPREAD INTEREST RATES INTERNATIONAL DEVELOPMENT INTERNATIONAL STANDARDS INVESTMENT CLIMATE ISSUANCE ISSUANCE OF TREASURY BILLS LABOR MARKET LABOR MARKETS LIABILITY LIQUIDITY LIVING STANDARD LIVING STANDARDS LOAN LOCAL GOVERNMENT LOCAL GOVERNMENTS MACROECONOMIC FRAMEWORK MACROECONOMIC MANAGEMENT MACROECONOMIC POLICY MARGINAL COST MARKET REFORMS MEDIUM TERM EXPENDITURE MEDIUM TERM EXPENDITURE FRAMEWORK MEDIUM-TERM FISCAL FRAMEWORK MEDIUM-TERM OUTLOOK MINISTRY OF FINANCE MONETARY AUTHORITY MONETARY FUND MONETARY POLICY NATIONAL BANK OPEN ECONOMIES OPPORTUNITY COST OVERDRAFT FACILITIES OVERDRAFT FACILITY PENSION PERPETUITY PERSONAL INCOME POVERTY PROFILE POVERTY REDUCTION POVERTY REDUCTION STRATEGY PRICE MOVEMENTS PRIVATE CREDIT PRIVATE INVESTMENT PRIVATE SECTOR PRIVATE SECTOR CREDIT PRIVATE SECTOR GROWTH PRODUCTIVE INVESTMENTS PROGRAMS PUBLIC ACCOUNTS PUBLIC DEBT PUBLIC EXPENDITURE PUBLIC EXPENDITURE MANAGEMENT PUBLIC FINANCE PUBLIC INVESTMENT PUBLIC OWNERSHIP PUBLIC RESOURCES PUBLIC SECTOR PUBLIC SERVICE PUBLIC SERVICE DELIVERY PUBLIC SERVICES PUBLIC SPENDING RECURRENT EXPENDITURE RECURRENT EXPENDITURES REFERENDUM RESERVES RESOURCE ALLOCATION RESOURCE AVAILABILITY RESOURCE FLOWS RESOURCE MANAGEMENT RETURN REVENUE SOURCES RULE OF LAW SALES TAX SANITATION SECTORAL ALLOCATIONS SECTORAL PLANS SECTORAL POLICIES SEPARATION OF POWERS SHORT-TERM BILLS SOCIAL INDICATORS SOCIAL SERVICES STRUCTURAL REFORMS TAX TAXPAYERS TELECOMMUNICATIONS TOTAL SPENDING TRADING TRANSACTIONS COSTS TRANSPARENCY TREASURY TREATY
Online Access:	http://documents.worldbank.org/curated/en/2007/09/16494240/bhutan-accelerating-growth-poverty-reduction-country-economic-update http://hdl.handle.net/10986/12654

Description
Summary:	This report was prepared to help the Royal Government of Bhutan (RGoB) meet its felt need for more economic analysis and policy advice. It also seeks to provide information to a wider audience of development partners and interested parties. Over the past 25 years, Bhutan has been developing rapidly, pursuing sound economic policies, exploiting hydropower, and enjoying strong support from external development partners. Solid growth continues to raise per capita income and support improvements in social indicators. Through the prism of these four elements, this report seeks to contribute to the policy discussion by providing an integrative analysis and update of the Bhutanese economy, as well as developing a set of key recommendations and issues that warrant consideration or further study. Section two describes ongoing governance reforms, outlines the objectives articulated in Bhutan's Vision 2020 document and the Ninth Five-Year Plan (Ninth Plan), discusses the poverty reduction strategy, and notes progress towards meeting the millennium development goals. Section three examines recent economic developments, including growth, the balance of payments, and external debt. Section four analyzes macroeconomic policy, highlighting the challenge of fiscal volatility and the need to manage expectations surrounding the coming on-stream of the giant hydropower project Tala. Section five discusses several structural aspects of public resource management, including ongoing fiscal and financial management reforms, the importance of avoiding the 'natural resource curse,' and the treatment of state owned enterprises. Section six investigates the role of strengthening the investment climate for facilitating private sector development. Section seven comments on the prospects for accelerating growth, looking at the development of additional hydropower resources, construction, tourism, and agribusiness, emphasizing that while hydropower will continue to drive economic growth, tourism and value added activities in agriculture will be central to boosting growth and generating broad-based employment. Section eight concludes with medium term development prospects and challenges.

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