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Bhutan’s economic growth is expected to reach a staggering 8.9% next year, according to the 2024-25 budget report. This growth is expected to be driven by the commissioning of the Punasangchu-2 hydropower plant, improvements in the manufacturing and construction sectors, and a revival in tourism and related industries. This positive outlook gives us hope after a long period of economic stagnation. However, this expected growth must go beyond mere statistics and bring in a host of job opportunities to address the numerous challenges our country currently faces.
The report highlights that government initiatives such as the Economic Stimulus Package (ESP) will further boost economic growth. The government has allocated N97.63 billion for the 2024-25 financial year, which is the first year of the 13th Five-Year Plan. Of the N15 billion set aside for the ESP, the government is yet to disburse the first instalment of N2.5 billion. In the agricultural sector, growth is expected to reach 5% between 2024 and 2025. These figures are encouraging, but the true measure of success is the creation of meaningful employment opportunities for our citizens.
Economic growth is important, but it is not an end in itself, but a means to improve people’s livelihoods. Lack of job opportunities has led to a series of interrelated problems, such as declining agricultural productivity, increased rural-urban migration, and more serious population outflow. Young talents are leaving Bhutan in search of better opportunities abroad, which not only depletes our human capital but also threatens our country’s future development.
To harness the benefits of economic growth, there is a need to focus on creating meaningful and sustainable jobs.
The expected improvements in the manufacturing and construction sectors offer excellent opportunities for job creation. With concerted efforts to strengthen skills training and vocational education, these sectors can absorb a significant portion of the workforce. By equipping our young people with the necessary skills, we can ensure they are ready to take on new roles and contribute to the country’s development.
Tourism is another pillar of our economy with huge potential to create jobs. However, this requires us to look beyond traditional tourism products and innovate in service and product development. Community tourism, adventure tourism and cultural immersion experiences can create jobs while promoting sustainable tourism practices. Investments in these areas can generate high returns in terms of jobs and revenue.
Despite the challenges, the agriculture sector remains key to our economy. The projected 5% growth in the sector must be translated into tangible benefits for farmers. This includes improving market access, providing better infrastructure and introducing modern agricultural technologies. By making agriculture a viable and attractive livelihood option, we can go a long way to curb rural-urban migration and stabilize rural communities.
Therefore, the government’s allocation of ESP funds should be strategic and targeted. Investments should be concentrated in sectors with the greatest potential for job creation. Small and medium-sized enterprises (SMEs) are the backbone of our economy and deserve special attention. Providing SMEs with access to finance, training and market linkages can stimulate job creation and foster entrepreneurship.
Addressing unemployment, rural depopulation and out-migration requires a combination of economic growth and job creation strategies.
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