Overview of Bhutan’s Economic Development
Bhutan’s economy began to commercialize in 1961 with the introduction of its first development plan. Before this pivotal moment, the nation was characterized by a small, dispersed population that primarily engaged in subsistence agriculture. Economic activities were limited, relying mostly on barter systems and the exchange of agricultural surpluses among local communities. This lack of formal trade meant that many resources remained untapped and underutilized. Since 1961, Bhutan has made significant strides toward modernizing its economy, transitioning from traditional practices to more structured commercial activities. The development plan laid the groundwork for growth and dynamism, enabling Bhutan to integrate more fully into the global market. Understanding this historical context is crucial for appreciating Bhutan’s current economic landscape and its ongoing transformation.