Bhutan is Asia’s Fastest Growing Economy: ADB Report

Bhutan is Asia’s Fastest Growing Economy: ADB Report

SAM Staff,
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Bhutan’s economy is expected to grow 8.2% in 2017 and surge to a blistering 9.9% in 2018, according to the Asian Development Outlook 2017 report. To top it off, Bhutan has built its economy by focusing on clean energy that helps counter the impacts of climate change.

The kingdom is one of the world’s largest exporters of hydropower and it is only getting started in the business of selling clean energy to its neighbors. It has untapped hydropower resources estimated at 30,000 megawatts but only about 5% of that has been developed.

Economic growth in 2017 will be based on stepped-up hydropower plant construction that in 2018 will be complemented by increased electricity-generating capacity, according to the Asian Development Outlook 2017.

The path to a booming economy was an unlikely one for Bhutan. Government leaders in small, landlocked Bhutan prioritize individual happiness in pursuing development progress. And that hasn’t stopped the country’s economy from surging.

Bhutan is just one of the emerging economies in Asia that is driving global growth, according to the Asian Development Outlook 2017. Developing countries in Asia are currently contributing 60% of all economic growth generated worldwide, according to the report. Most of Southeast Asia’s economies can also expect buoyant growth. With favorable weather benefiting agriculture and exports rising at major industrial economies, average growth in this subregion will accelerate to 4.8% in 2017 and 5.0% in 2018.

 

SOURCEADB
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