Bhutan to be 3rd fastest growing economy in 2016 says IMF report

An annual report by the International Monetary Fund (IMF) called the ‘World Economic Outlook’ has said that Bhutan will be the world’s third fastest growing economy with an 8.4% real GDP growth rate.

In first place Myanmar will grow at 8.6% followed by Ivory Coast in second place at 8.5%.

The Prime Minister said that this is big news and he was excited as a member of the government.

“At a time when the global economy is facing a downturn and is pessimistic, Bhutan’s economic potential to be this bright is cause for celebration for all of us,” the PM said.

He pointed to the 2012-13 period when there was economic suffering and the economy was in an anxious state with a 2.05 % growth rate to now with the IMF projecting Bhutan to grow at 8.4 %.

The government pointed to various measures from lifting import bans, to easing of the credit market by injecting liquidity and brining about fiscal measures like taxes to resolving the rupee crisis. The government has also been careful in not unnecessarily spending money on building huge offices and it has also brought down non hydropower loans.

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