Bhutan’s graduation from the UN list of Least Developed Countr | IAS PCS Prep 🇮🇳

Bhutan’s graduation from the UN list of Least Developed Countries

Bhutan removed from the list of LDCs, becoming only the seventh country to do so at the United Nations Least Developed Countries in Doha

Bhutan’s economy has grown more than eightfold in the last two decades, from just under USD 300 million in 2000 to USD 2.53 billion in 2017, with an average annual growth rate of more than 7%.

Additionally, the percentage of people living in poverty, as determined by the amount of money they make each day, decreased from 17.8% in 2003 to 1.5% in 2017.

In the same vein, the percentage of people living below the national poverty line decreased from 23.2% in 2007 to 8.2% in 2017.

Bhutan has mostly accomplished this by increasing exports of hydropower to India, which now accounts for 20% of its economy.

The nation also established Brand Bhutan in an effort to diversify exports while acknowledging the modest size of its local market.

There are currently 46 economies designated by the United Nations as the least developed countries

Benefits of graduating

Bhutan’s removal from the LDC list is expected to provide several benefits, including increased access to international financial markets, increased foreign direct investment, and improved trade opportunities.

It is also expected to boost Bhutan’s international image and attract more tourists to the country

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