This paper examines the prospects for the diversification and modernization of Bhutan’s economy, focusing in particular on the private sector, the IT/ICT sector, digital connectivity, the financial sector, and the strategies employed to reach this goal. At the same time, this development is juxtaposed with preserving the country’s unique cultural heritage and environmental sustainability, which have been constant and consistent goals throughout all the Five Year Plans, and will be implemented in the latest twelfth Five Year Plan in 2018 as well. This paper is divided into six sections, titled as follows: Introduction; Country Overview; Diversification and Modernization; External factors; Recommendations, and Conclusion. Smaller subgroups are included in the diversification section, along with a section on Bhutan’s regional cooperation.
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