Analyzing the Bhutanese Economy

It has been almost two months here in Royal Institute of management pursuing my Post Graduate Diploma in Public Administration. Therefore, I am very sorry to all my readers for not being able to update my blog contents. I have been extremely busy with my course as I was trying my best to get cope up with the course. Although the course is very difficult comparing to my degree course - Bachelors in Computer Applications, Some of my modules in my degree courses help me a little in my post graduate course. It is very difficult a times while dealing most of the time with economics' terms at the macro level. Most of the sessions are engaged discussing about the economy, administration and management at the national level.

Source: Google

I have been engaged vigorously for more than two weeks now to understand and deal with the Bhutanese economy in order to tackle my assignment on Introduction to Public Administration unit. The Bhutanese economy has opened up since 1961 with the launching of First Five Year plan. Bhutan got assistance for other donor countries after 1971 after joining the United Nations Organization. After that Bhutan has been recognized as the sovereign country and the country got several assistance from regional and international organizations/ countries. I have analyzed the Bhutanese economy in terms of the Bhutanese economy being opened to the other world. I have analyzed it with regard to economic factor, social factor, geographical factor, political factor and technological factor. 

To analyze more about the Bhutanese economy, I have also done SWOT (Strength, Weakness, Opportunities, Threats) analysis of the Bhutanese economy. I have found that Bhutan has got strengths in terms of getting electricity, political stability, atmosphere, etc.. which in terms directly or indirectly helps to boom our economy. About weaknesses, Bhutan lacks in terms of resolving insolvency to start business, improper procedural while starting business, etc.. Bhutan has got very good opportunities in hydro-power sector as the neighboring country increases demand for the electricity. The country has also got good opportunity in Tourism sector and FDIs as it really helps in generating the national revenue. However, Bhutan has threat for her economy because of global warming and also because of joining World Trade Organization is not analyzed and studied most profoundly. 

It was a good opportunity for me to learn and study about the indicators being set by the World Bank to analyze the ease of doing business. Our country is being ranked 141 out of 189 countries in terms of ease in doing business in the world. Its previous ranking was 146 and it shows a good indicator for the Bhutanese economy as its ranking has been increased by 5. In the SAARC region our country is being ranked 7th in terms of ease in doing business. However, our country is being ranked first in getting electricity in SAARC region.

It was very difficult for me to formulate strategies to help our country's economy grow. I had to write in terms of turning the threats of the Bhutanese economy into opportunities of the Bhutanese economy. I feel it is very important for all the Bhutanese to understand the economic situation of the country. It is must for all of us to know the current situation and work according to it.