{
  "title": "Bhutan: Staff Report for the 2014 Article IV Consultation",
  "publication": "IMF Staff Country Reports, July 1, 2014",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/bhutan-staff-report-for-the-2014-article-iv-consultation-41688",
  "canonical": "https://www.imf.org/en/publications/cr/issues/2016/12/31/bhutan-staff-report-for-the-2014-article-iv-consultation-41688",
  "overlayPath": "/en/publications/cr/issues/2016/12/31/bhutan-staff-report-for-the-2014-article-iv-consultation-41688/index.md",
  "summary": "This 2014 Article IV Consultation highlights that the GDP growth in Bhutan has slowed from about 10 percent in FY2011 (July 1–June 30) to 5 percent in FY2013. Slower growth reflects policy efforts to contain overheating pressures in the form of restrictions on credit for construction and vehicle.",
  "sections": [
    {
      "heading": "Summary findings",
      "content": "- GDP growth slowed from about 10 percent in FY2011 (July 1–June 30) to 5 percent in FY2013.\n- Slower growth reflects policy efforts to contain overheating pressures through restrictions on credit for construction and vehicle.\n- Inflation has remained elevated, tracking closely that of India (Bhutan’s main trading partner).\n- Social development indicators have improved steadily; Bhutan is on track or has achieved most of its Millennium Development Goals.\n- Growth is projected to recover to 6½ percent in FY2014, driven mainly by a pick-up in hydropower-related construction activities and domestic services."
    },
    {
      "heading": "Macro outlook and drivers",
      "content": "- Growth:\n  - FY2011: about 10 percent\n  - FY2013: 5 percent\n  - FY2014 (projection): 6½ percent\n- Main near-term driver of recovery: hydropower-related construction activities and domestic services.\n- External influence: inflation dynamics closely follow India."
    },
    {
      "heading": "Financial sector and policy stance",
      "content": "- Policy actions taken: restrictions on credit for construction and vehicle to contain overheating.\n- Financial concerns emphasized: credit growth management, liquidity, and public debt instruments (Treasury bills and bonds)."
    },
    {
      "heading": "Social and development outcomes",
      "content": "- Social development indicators: improved steadily.\n- Millennium Development Goals: Bhutan is on track or has achieved most targets."
    },
    {
      "heading": "Subject and keyword highlights",
      "content": "- Subjects: Asset and liability management; Banking; Credit; External debt; Financial institutions; Financial services; Inflation; Liquidity; Public debt; Treasury bills and bonds.\n- Keywords: Asia and Pacific; CR; credit growth; credit growth rebound; Global; Indian rupee; inflation in Bhutan; ISCR; Liquidity; private sector credit; South Asia; staff projection; Treasury bills and bonds.\n\nSource: Bhutan: Staff Report for the 2014 Article IV Consultation (July 1, 2014), IMF.\n\n---\n\n Content in this bundle\n\n- Bhutan: IMF staff report content unit cr14178\n  - Bhutan: IMF staff report content unit cr14178 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Bhutan: IMF staff report content unit cr14178 (PDF){rel=\"external\" type=\"application/pdf\"}"
    }
  ],
  "bullets": [
    "[Markdown version](/en/publications/cr/issues/2016/12/31/bhutan-staff-report-for-the-2014-article-iv-consultation-41688/index.md)",
    "[Structured JSON version](/en/publications/cr/issues/2016/12/31/bhutan-staff-report-for-the-2014-article-iv-consultation-41688/index.json)",
    "[Bundle manifest](/en/publications/cr/issues/2016/12/31/bhutan-staff-report-for-the-2014-article-iv-consultation-41688/bundle-manifest.json)",
    "Published: July 1, 2014",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781498357708.002",
    "GDP growth slowed from about 10 percent in FY2011 (July 1–June 30) to 5 percent in FY2013.",
    "Slower growth reflects policy efforts to contain overheating pressures through restrictions on credit for construction and vehicle.",
    "Social development indicators have improved steadily; Bhutan is on track or has achieved most of its Millennium Development Goals.",
    "Growth is projected to recover to 6½ percent in FY2014, driven mainly by a pick-up in hydropower-related construction activities and domestic services.",
    "Growth:",
    "Main near-term driver of recovery: hydropower-related construction activities and domestic services.",
    "External influence: inflation dynamics closely follow India.",
    "Policy actions taken: restrictions on credit for construction and vehicle to contain overheating.",
    "Financial concerns emphasized: credit growth management, liquidity, and public debt instruments (Treasury bills and bonds).",
    "Social development indicators: improved steadily.",
    "Millennium Development Goals: Bhutan is on track or has achieved most targets.",
    "Subjects: Asset and liability management; Banking; Credit; External debt; Financial institutions; Financial services; Inflation; Liquidity; Public debt; Treasury bills and bonds.",
    "Keywords: Asia and Pacific; CR; credit growth; credit growth rebound; Global; Indian rupee; inflation in Bhutan; ISCR; Liquidity; private sector credit; South Asia; staff projection; Treasury bills and bonds.",
    "**Bhutan: IMF staff report content unit _cr14178**"
  ],
  "related": [
    {
      "title": "Bhutan: IMF staff report content unit _cr14178",
      "role": "document",
      "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2014/_cr14178.pdf",
      "summary": {
        "path": "/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2014/_cr14178.pdf.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2014/_cr14178.pdf",
        "mime": "application/pdf"
      }
    }
  ],
  "alternates": {
    "markdown": "/en/publications/cr/issues/2016/12/31/bhutan-staff-report-for-the-2014-article-iv-consultation-41688/index.md",
    "json": "/en/publications/cr/issues/2016/12/31/bhutan-staff-report-for-the-2014-article-iv-consultation-41688/index.json",
    "bundleManifest": "/en/publications/cr/issues/2016/12/31/bhutan-staff-report-for-the-2014-article-iv-consultation-41688/bundle-manifest.json"
  },
  "generatedAtUtc": "2026-09-13T19:34:47.283Z"
}