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This Selected Issues paper and Statistical Appendix on Bhutan underlie the macroeconomic impact of Tala, rapid private sector credit growth, and macroeconomic risks. In Bhutan, as the bulk of Tala-related flows go through the government accounts, this requires an appropriate fiscal stance and skillful expenditure management. Strong economic growth will require and lead to a deepening and further development of the financial system in Bhutan. The financial sector seems to be relatively shielded from adverse events, although risks remain.

Water-power --- Credit --- Borrowing --- Finance --- Money --- Loans --- Hydraulic power plants --- Hydroelectric power --- Hydroelectricity --- Hydropower --- Waterpower --- Natural resources --- Power resources --- Renewable energy sources --- Water resources development --- Stream measurements --- Economic aspects --- Bhutan --- Bhoutan --- Bhotan --- Boutan --- Bootan --- ʼBrug-yul --- Druk-yul --- Phūthān --- Kingdom of Bhutan --- ʼBrug Rgyal-khab --- Dru Gäkhap --- Bhoetan --- بوتان --- Būtān --- Reino de Bután --- Botan --- Vutã --- Tetã Vutã --- Butan Krallığı --- Бутан --- Бутан Короллеге --- Butan Korollege --- Каралеўства Бутан --- Karaleŭstva Butan --- Кралство Бутан --- Kralstvo Butan --- Kraljevina Butan --- Бутан патшалăхĕ --- Butan patshalăkhĕ --- Bhútánské království --- Teyrnas Bhutan --- Kongedømmet Bhutan --- Königreich Bhutan --- Iiʼniʼ Tłʼiishtsoh Bikéyah --- Bhutani Kuningriik --- Μπουτάν --- Βασίλειο του Μπουτάν --- Vasileio tou Boutan --- Butano --- Bhutano --- Reĝlando Butano --- Bhutango Erresuma --- Kongaríkið Bhutan --- Kongsríkið Butan --- Royaume du Bhoutan --- An Bhútain --- Bhútain --- Ríocht na Bútáine --- Rìoghachd Bhutàin --- Бутанмудин Нутг --- Butanmudin Nutg --- 부탄 --- Put'an --- Butana --- Economic policy. --- Economic conditions. --- Banks and Banking --- Exports and Imports --- Money and Monetary Policy --- Economic Theory --- Industries: Financial Services --- Taxation --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Monetary Policy --- Financial Institutions and Services: General --- Resource Booms --- Trade Policy --- International Trade Organizations --- Monetary economics --- Banking --- International economics --- Commercial banks --- Monetary expansion --- Financial sector --- Financial institutions --- Monetary policy --- Economic sectors --- Banks and banking --- Financial services industry

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Bhutan’s rapid growth has been underpinned by hydropower sector development with donor support. However, fiscal policy should be tightened to address overheating, and spending and revenue reforms are needed to bolster the fiscal framework. Executive Directors suggested to adopt multiyear rolling budget to ensure debt sustainability. They assessed the need to strengthen the Royal Monetary Authority (RMA's) power to safeguard financial stability. They welcomed the comprehensive strategy embedded in the Economic Development Policy (EDP) that identifies activities that have strong job-generating potential and also promote foreign direct investment and private sector development.

Economic indicators --- Debts, Public --- Debts, External --- Debts, Foreign --- Debts, International --- External debts --- Foreign debts --- International debts --- Debt --- International finance --- Investments, Foreign --- Debts, Government --- Government debts --- National debts --- Public debt --- Public debts --- Sovereign debt --- Bonds --- Deficit financing --- Business indicators --- Indicators, Business --- Indicators, Economic --- Leading indicators --- Economic history --- Quality of life --- Economic forecasting --- Index numbers (Economics) --- Social indicators --- Bhutan --- Bhoutan --- Bhotan --- Boutan --- Bootan --- ʼBrug-yul --- Druk-yul --- Phūthān --- Kingdom of Bhutan --- ʼBrug Rgyal-khab --- Dru Gäkhap --- Bhoetan --- بوتان --- Būtān --- Reino de Bután --- Botan --- Vutã --- Tetã Vutã --- Butan Krallığı --- Бутан --- Бутан Короллеге --- Butan Korollege --- Каралеўства Бутан --- Karaleŭstva Butan --- Кралство Бутан --- Kralstvo Butan --- Kraljevina Butan --- Бутан патшалăхĕ --- Butan patshalăkhĕ --- Bhútánské království --- Teyrnas Bhutan --- Kongedømmet Bhutan --- Königreich Bhutan --- Iiʼniʼ Tłʼiishtsoh Bikéyah --- Bhutani Kuningriik --- Μπουτάν --- Βασίλειο του Μπουτάν --- Vasileio tou Boutan --- Butano --- Bhutano --- Reĝlando Butano --- Bhutango Erresuma --- Kongaríkið Bhutan --- Kongsríkið Butan --- Royaume du Bhoutan --- An Bhútain --- Bhútain --- Ríocht na Bútáine --- Rìoghachd Bhutàin --- Бутанмудин Нутг --- Butanmudin Nutg --- 부탄 --- Put'an --- Butana --- Economic conditions. --- Economic policy. --- Exports and Imports --- Investments: General --- Money and Monetary Policy --- Public Finance --- Statistics --- Macroeconomics --- Debt Management --- Sovereign Debt --- International Lending and Debt Problems --- Taxation, Subsidies, and Revenue: General --- Fiscal Policy --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Investment --- Capital --- Intangible Capital --- Capacity --- Public finance & taxation --- International economics --- Monetary economics --- Econometrics & economic statistics --- Revenue administration --- External debt --- Fiscal policy --- Credit --- Money --- Revenue --- Saving and investment

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In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.

Economics --- Bhutan --- Economic conditions. --- Economic theory --- Political economy --- Social sciences --- Economic man --- Bhoutan --- Bhotan --- Boutan --- Bootan --- ʼBrug-yul --- Druk-yul --- Phūthān --- Kingdom of Bhutan --- ʼBrug Rgyal-khab --- Dru Gäkhap --- Bhoetan --- بوتان --- Būtān --- Reino de Bután --- Botan --- Vutã --- Tetã Vutã --- Butan Krallığı --- Бутан --- Бутан Короллеге --- Butan Korollege --- Каралеўства Бутан --- Karaleŭstva Butan --- Кралство Бутан --- Kralstvo Butan --- Kraljevina Butan --- Бутан патшалăхĕ --- Butan patshalăkhĕ --- Bhútánské království --- Teyrnas Bhutan --- Kongedømmet Bhutan --- Königreich Bhutan --- Iiʼniʼ Tłʼiishtsoh Bikéyah --- Bhutani Kuningriik --- Μπουτάν --- Βασίλειο του Μπουτάν --- Vasileio tou Boutan --- Butano --- Bhutano --- Reĝlando Butano --- Bhutango Erresuma --- Kongaríkið Bhutan --- Kongsríkið Butan --- Royaume du Bhoutan --- An Bhútain --- Bhútain --- Ríocht na Bútáine --- Rìoghachd Bhutàin --- Бутанмудин Нутг --- Butanmudin Nutg --- 부탄 --- Put'an --- Butana --- Banks and Banking --- Investments: Commodities --- Investments: Energy --- Corporate Finance --- Exports and Imports --- Agriculture: General --- Metals and Metal Products --- Cement --- Glass --- Ceramics --- Financial Institutions and Services: General --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- International Lending and Debt Problems --- Trade: General --- Investment & securities --- Ownership & organization of enterprises --- Banking --- International economics --- Agricultural commodities --- Metals --- Business enterprises --- Interest payments --- Commodities --- Economic sectors --- External debt --- Exports --- International trade --- Farm produce --- Banks and banking --- Debt service

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This paper discusses Bhutan’s Technical Assistance Evaluation report. Participation in the statistical projects financed by the Japanese government in national accounts, prices, government finance, and balance-of-payments statistics is having a major effect on Bhutan’s statistical development. The statistical compilers were well informed about the donor as the source of funding. The method of combining regional workshops and multiple missions was considered to be particularly suitable. Cross-sectoral data consistency and coordination are increasingly recognized as important. Computerized accounting systems for the budgetary central government have been introduced, namely the Multi-Year Rolling Budget and the Public Expenditure Management System.

Technical assistance --- Assistance, Technical --- Assistance, Technological --- Technological assistance --- Economic assistance --- Bhutan --- Bhoutan --- Bhotan --- Boutan --- Bootan --- ʼBrug-yul --- Druk-yul --- Phūthān --- Kingdom of Bhutan --- ʼBrug Rgyal-khab --- Dru Gäkhap --- Bhoetan --- بوتان --- Būtān --- Reino de Bután --- Botan --- Vutã --- Tetã Vutã --- Butan Krallığı --- Бутан --- Бутан Короллеге --- Butan Korollege --- Каралеўства Бутан --- Karaleŭstva Butan --- Кралство Бутан --- Kralstvo Butan --- Kraljevina Butan --- Бутан патшалăхĕ --- Butan patshalăkhĕ --- Bhútánské království --- Teyrnas Bhutan --- Kongedømmet Bhutan --- Königreich Bhutan --- Iiʼniʼ Tłʼiishtsoh Bikéyah --- Bhutani Kuningriik --- Μπουτάν --- Βασίλειο του Μπουτάν --- Vasileio tou Boutan --- Butano --- Bhutano --- Reĝlando Butano --- Bhutango Erresuma --- Kongaríkið Bhutan --- Kongsríkið Butan --- Royaume du Bhoutan --- An Bhútain --- Bhútain --- Ríocht na Bútáine --- Rìoghachd Bhutàin --- Бутанмудин Нутг --- Butanmudin Nutg --- 부탄 --- Put'an --- Butana --- Economic policy. --- Macroeconomics --- Statistics --- Data Collection and Data Estimation Methodology --- Computer Programs: Other --- General Aggregative Models: General --- Current Account Adjustment --- Short-term Capital Movements --- Econometrics & economic statistics --- National accounts --- External sector statistics --- Government finance statistics --- Balance of payments statistics --- Monetary statistics --- Economic and financial statistics --- National income --- Economic statistics --- Finance --- Balance of payments --- Economic indicators

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This paper examines the origins and use of the concept of Gross National Happiness (or subjective well-being) in the Kingdom of Bhutan, and the relationship between measured well-being and macroeconomic indicators. While there are only a few national surveys of Gross National Happiness in Bhutan, the concept has been used to guide public policymaking for the country’s various Five-Year Plans. Consistent with the Easterlin Paradox, available evidence indicates that Bhutan’s rapid increase in national income is only weakly associated with increases in measured levels of well-being. It will be important for Bhutan to undertake more frequent Gross National Happiness surveys and evaluations, to better build evidence for comovement of well-being and macroeconomic concepts such as real national income.

Economic development --- Bhutan --- Economic conditions. --- Economic policy. --- Development, Economic --- Economic growth --- Growth, Economic --- Economic policy --- Economics --- Statics and dynamics (Social sciences) --- Development economics --- Resource curse --- Bhoutan --- Bhotan --- Boutan --- Bootan --- ʼBrug-yul --- Druk-yul --- Phūthān --- Kingdom of Bhutan --- ʼBrug Rgyal-khab --- Dru Gäkhap --- Bhoetan --- بوتان --- Būtān --- Reino de Bután --- Botan --- Vutã --- Tetã Vutã --- Butan Krallığı --- Бутан --- Бутан Короллеге --- Butan Korollege --- Каралеўства Бутан --- Karaleŭstva Butan --- Кралство Бутан --- Kralstvo Butan --- Kraljevina Butan --- Бутан патшалăхĕ --- Butan patshalăkhĕ --- Bhútánské království --- Teyrnas Bhutan --- Kongedømmet Bhutan --- Königreich Bhutan --- Iiʼniʼ Tłʼiishtsoh Bikéyah --- Bhutani Kuningriik --- Μπουτάν --- Βασίλειο του Μπουτάν --- Vasileio tou Boutan --- Butano --- Bhutano --- Reĝlando Butano --- Bhutango Erresuma --- Kongaríkið Bhutan --- Kongsríkið Butan --- Royaume du Bhoutan --- An Bhútain --- Bhútain --- Ríocht na Bútáine --- Rìoghachd Bhutàin --- Бутанмудин Нутг --- Butanmudin Nutg --- 부탄 --- Put'an --- Butana --- Infrastructure --- Macroeconomics --- Poverty and Homelessness --- Social Services and Welfare --- Equity, Justice, Inequality, and Other Normative Criteria and Measurement --- Economic Development, Innovation, Technological Change, and Growth --- Aggregate Factor Income Distribution --- Health: General --- Education: General --- Economic Development: Urban, Rural, Regional, and Transportation Analysis --- Housing --- Welfare, Well-Being, and Poverty: General --- Government Policy --- Provision and Effects of Welfare Program --- Health economics --- Education --- Poverty & precarity --- Social welfare & social services --- Income --- Health --- Poverty --- National accounts --- Poverty reduction --- Saving and investment