Introducing the Bhutan Socio-Economic Forum (BSeF) 2024
On December 2, 2024, the Bhutan Socio-Economic Forum (BSeF) successfully launched its inaugural session at the Thimphu Deluxe Hotel. Organized by the Loden Foundation with support from The Asia Foundation, the forum addressed Bhutan’s pressing socio-economic challenges while charting a path toward sustainable growth aligned with the nation’s unique Gross National Happiness (GNH) philosophy.
Under the theme, “From Present to Prosperity: Bhutan’s Economic Outlook,” the event served as a platform for inclusive dialogue, bringing together policymakers, development economists, private sector leaders, and civil society representatives.
Key Objectives of BSeF 2024
- Reflecting on Bhutan’s current socio-economic challenges and opportunities.
- Fostering dialogue among diverse stakeholders.
- Promoting economic literacy through accessible insights.
- Developing actionable recommendations for sustainable and inclusive growth.
Highlights from the Forum
1. Economic Diversification:
Speakers emphasized the urgent need to diversify Bhutan’s economy beyond its reliance on hydropower. Sectors such as agriculture, manufacturing, and digital services were identified as key areas for ensuring long-term stability.
2. Role of the Private Sector:
The private sector was recognized as the “engine of growth,” with calls for policy reforms to strengthen business development and entrepreneurship.
3. Aligning Growth with GNH:
The forum underscored the importance of balancing economic growth with social well-being and environmental sustainability, consistent with Bhutan’s GNH philosophy.
4. Addressing Structural Challenges:
Discussions highlighted critical structural issues, including trade imbalances and fiscal deficits, stressing the need for robust solutions.
5. Inclusive Development:
Ensuring no one is left behind emerged as a core message, with a focus on addressing inequalities within Bhutan’s socio-economic framework.
6. Leadership in Economic Transformation:
Strong leadership was identified as key to driving reforms and innovations needed for Bhutan’s economic transformation.
Participation and Impact
The inaugural session featured distinguished speakers such as:
- Dasho Kinga Tshering, Founder of the Institute of Happiness.
- Dr. Yumeka Hirano, Economist at the World Bank Bhutan Office.
- Dr. Olaf J. de Groot, Senior Economist at the UN Bhutan Office.
- Mr. Sonam Tobgay, Executive Director of the Royal Monetary Authority.
- Mr. Tandy Wangchuk, President of the Bhutan Chamber of Commerce and Industry.
With over 40 in-person participants and 289 online viewers from Bhutan and abroad, the forum set a high benchmark for inclusive dialogue and collaborative solutions.
Moving Forward
The Bhutan Socio-Economic Forum will continue as a quarterly event, fostering deeper collaboration and informed policymaking. Future sessions aim to expand sector-specific workshops and youth participation, further enriching the dialogue.
We extend our heartfelt gratitude to The Asia Foundation for their invaluable support in making BSeF 2024 a reality. Together, we strive to align Bhutan’s unique development philosophy with contemporary economic strategies, paving the way for a sustainable, inclusive, and resilient future.
Stay tuned for updates on the next forum and the progress inspired by the recommendations of this landmark event.
By Kinley C Tenzin, Communications Officer
Loden Foundation.
