{
  "title": "Bhutan: 2025 Article IV Consultation-Press Release; and Staff Report",
  "publication": "IMF Staff Country Reports, January 27, 2026",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2026/01/26/bhutan-2025-article-iv-consultation-press-release-and-staff-report-573462",
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  "summary": "Social conditions have improved significantly in the last decade, raising Bhutan’s living standards while inequality and poverty have declined. The economy has been recovering from the pandemic shock, but external imbalances remain and reserves are still below pre-pandemic levels.",
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    {
      "heading": "Key findings and macroeconomic assessment",
      "content": "- Social conditions have improved significantly in the last decade, raising Bhutan’s living standards while inequality and poverty have declined.\n- The economy has been recovering from the pandemic shock, but external imbalances remain and reserves are still below pre-pandemic levels.\n- Growth is strong, driven by hydropower projects.\n- Emigration among the youth remains a challenge."
    },
    {
      "heading": "Subject areas and keywords",
      "content": "- Subject: Expenditure, External debt, Public debt, Revenue administration\n- Keywords: accounts statistics, downside risk, exchange restriction, foreign currency resource, fund relation, Global, IMF executive board, repayment liability\n\n---\n\n Content in this bundle\n\n- Bhutan’s Tax Reforms\n  - Bhutan’s Tax Reforms (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Bhutan’s Tax Reforms (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: January 27, 2026",
    "Series: IMF Staff Country Reports",
    "Volume: 2026",
    "Issue: 019",
    "Pages: 83",
    "DOI: https://doi.org/10.5089/9798229035552.002",
    "Stock No: 1BTNEA2026001",
    "Social conditions have improved significantly in the last decade, raising Bhutan’s living standards while inequality and poverty have declined.",
    "The economy has been recovering from the pandemic shock, but external imbalances remain and reserves are still below pre-pandemic levels.",
    "Growth is strong, driven by hydropower projects.",
    "Emigration among the youth remains a challenge.",
    "Subject: Expenditure, External debt, Public debt, Revenue administration",
    "Keywords: accounts statistics, downside risk, exchange restriction, foreign currency resource, fund relation, Global, IMF executive board, repayment liability",
    "**Bhutan’s Tax Reforms**"
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