Bhutan expects 3.3 GDP growth next fiscal year

Bhutan’s GDP is expected to grow by 3.3 percent next fiscal year, according to an estimate by the Bhutanese government. The country is hoping for a good recovery once it completes its vaccination drive.

The estimate released by Bhutan’s Ministry of Finance expects minimum GDP growth of 3.3 percent. Lyonpo Namgay Tshering, the country’s foreign minister, however, said the growth rate could touch as high as 6 percent.

“We are hoping that the domestic economy will improve significantly once the Covid-19 vaccination drive is completed, unexpectedly in April,” Namgay Tshering was quoted as saying by Kuensel.

Also, the government is optimistic once the situation improves in India and Bangladesh.

“The agriculture sector is doing better although its share of contribution in GDP has been 10 to 11 percent only. Industries and construction sectors have already started doing better despite the challenges,” the finance minister said.

The Cabinet recently endorsed a total outlay of $992 million for the fiscal year 2021-22. This is slightly less than the current fiscal year’s total outlay. The country’s domestic revenue, however, will not be impacted much, the minister claimed. Most economic activities, except retail, continued in the country despite lockdown.