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Country Profile: Bhutan
Fact FileCapitalThimphuOther CitiesGasa Dzong, Paro, TongsaOfficial languageDzongkhaAreaTotal 47,000 km2Population(2009est) 672,000CurrencyNgultrum |
Overview
Bhutan or the Kingdom of Bhutan is a landlocked nation in South Asia, located at the eastern end of the Himalaya Mountains and is bordered to the south, east and west by the Republic of India and to the north by Tibet. Bhutan is known by its own people as "Land of the Thunder Dragon". Bhutan used to be one of the most isolated nations in the world, but developments including direct international flights, internet, mobile phone networks, and cable television have increasingly opened the doors.
Business Development
Even though Bhutan is a very small nation, they have done extremely well for themselves, their economy is one of the world's smallest, yet it has grown rapidly in recent years, Bhutan had the second fastest growing economy in the world, with an annual economic growth rate of almost 25%%. This was mainly due to the commissioning of the gigantic Tala Hydroelectricity project, which is one of the largest in the world, most of which is sold to India for immense profits.
Energy and Agriculture
The economy of Bhutan is mainly based on agriculture, forestry, tourism and the sale of hydroelectric power to India. Agriculture provides the main livelihood for more than 80 percent of the population. Agrarian practices consist largely of subsistence farming and animal husbandry. Handicrafts, particularly weaving and the manufacture of religious art for home altars, are a small cottage industry. A landscape that varies from hilly to ruggedly mountainous has made the building of roads and other infrastructure difficult and expensive. This, and a lack of access to the sea, has meant that Bhutan has not been able to benefit from significant trading of its produce, with the exception of hydroelectric power.
Future Outlook
In the future, Bhutan will look to continue to expand its economy, which is one of the fastest growing in the world. Despite their extremely small size, the nation has had an overwhelming amount of success in recent years, particularly due to their hydroelectric production. Furthermore, Bhutan looks to be one of the larger hydroelectric exporters in all of Asia, as they are already the number one supplier to India. Bhutan is also looking to simplify the Bhutan Visa process in order to allow tourists more easily.
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