Boosting Bhutan’s Growth: Insights from the World Bank’s 2024 Country Opinion Survey
The FY 2024 Bhutan Country Opinion Survey Report provides an in-depth look at how stakeholders in Bhutan view the World Bank Group’s role in the country’s development. The report highlights key areas of focus such as digital development, private sector growth, and climate resilience, while also offering suggestions for improving WBG’s effectiveness. Stakeholders advocate for increased financial support, enhanced rural engagement, and better communication to strengthen Bhutan’s socio-economic progress.
Bhutan, a small, landlocked country known for its commitment to Gross National Happiness and environmental sustainability, is navigating a complex developmental journey. The FY 2024 Bhutan Country Opinion Survey Report, released by the World Bank Group (WBG), sheds light on how stakeholders in Bhutan perceive the WBG’s role in shaping the nation’s development. The report, compiled from responses by key players across sectors such as government, civil society, and private industry, provides a snapshot of Bhutan's priorities and challenges and highlights potential paths forward.
Understanding the World Bank’s Role in Bhutan
The FY 2024 survey, conducted between November 2023 and January 2024, involved 155 participants, representing a 51% response rate. The primary objective of the survey was to gauge how familiar Bhutanese stakeholders are with the World Bank’s work and to assess their trust and opinions regarding its effectiveness. The findings indicate a steady familiarity, with an average score of 6.0—comparable to the results of the previous survey conducted in FY19. Notably, those working directly with the WBG expressed a higher level of awareness and understanding of the institution’s activities.
Respondents’ overall trust in the World Bank was encouraging, matching the ratings of other regional development banks. Private sector stakeholders reported the highest levels of trust in the institution, with civil society groups being slightly more critical. This disparity reflects the varying degrees of collaboration and alignment with the WBG's initiatives across different sectors.
Key Development Priorities for Bhutan
As Bhutan faces numerous socio-economic and environmental challenges, the survey highlighted digital development, private sector growth, and agriculture as the top development priorities for stakeholders. The emphasis on these areas reflects Bhutan’s need to modernize its economy while addressing rural livelihoods and food security. An increasing focus on climate change adaptation also emerged as a critical priority, with stakeholders urging the WBG to support climate-resilient agricultural practices and sustainable development projects.
The report underscores the shift in stakeholder priorities since FY19. While private sector development remained a key concern, digital infrastructure gained significant traction, climbing from a lower priority in earlier surveys to one of the most pressing areas for WBG intervention. Stakeholders from local governments, in particular, placed a strong emphasis on agricultural advancement and climate resilience, reflecting the realities of Bhutan’s largely agrarian society.
Boosting WBG’s Effectiveness in Bhutan
Despite overall positive perceptions, stakeholders offered several suggestions to increase the WBG’s effectiveness in Bhutan. Key among these was a call for greater financial support, particularly in the form of low-interest loans and grants, to stimulate private sector growth and enhance infrastructure. The report points out that Bhutan’s private sector is struggling with limited access to finance and high interest rates, which are stifling its potential for expansion.
Stakeholders also advocated for more focused engagement in rural areas. Strengthening Bhutan's agricultural sector, through modern mechanization and climate-smart farming techniques, was cited as an area where the WBG could make a substantial impact. These suggestions align with Bhutan's broader developmental goals, particularly in combating rural poverty and addressing climate change.
Additionally, respondents emphasized the need for better communication and outreach. Events such as workshops, direct contact with WBG staff, and e-newsletters were identified as preferred channels for receiving information about the Bank’s activities. The growing use of social media was also noted, with 49% of respondents recalling recent messages from the WBG, particularly on climate change and the digital economy.
Future Role of the World Bank in Bhutan
Looking ahead, the report highlights the potential for the WBG to play an even more significant role in Bhutan’s development. Many respondents stressed the importance of the Bank continuing its support for economic diversification, particularly through investments in digital marketing, renewable energy, and human capital development. Bhutan’s reliance on hydropower has served it well in the past, but there is a growing consensus that a more diversified economy is essential for long-term growth and stability.
The survey results also reveal a desire for the WBG to foster stronger partnerships across sectors. Respondents from civil society, the private sector, and the government called for increased collaboration to ensure that WBG-supported projects are well-aligned with Bhutan’s national priorities. This approach would help maximize the impact of WBG interventions, particularly in areas like climate resilience, job creation, and poverty reduction.
In conclusion, the FY 2024 Bhutan Country Opinion Survey Report paints an optimistic picture of the WBG’s role in Bhutan, while also offering constructive feedback on how to enhance its effectiveness. By addressing the financial constraints faced by the private sector, expanding its rural outreach, and continuing to invest in digital and sustainable infrastructure, the WBG can help Bhutan navigate its development challenges and unlock new growth opportunities.
- FIRST PUBLISHED IN:
- Devdiscourse
ALSO READ
Delayed Monsoon Retreat in India: Impact on Agriculture and Economy
Agriculture Minister's Car Stuck in Rain-Flooded Jharkhand Road
Monsoon Boosts Indian Agriculture: ICRA Predicts 3.2% GVA Growth in 2024-25
Boosting Rural Development in Togo: The Path to Modernizing Agriculture and Infrastructure
ADB President Reaffirms Support for Bhutan’s Development and Climate Resilience Efforts