The Asian Development Bank (ADB) has projected growth in Bhutan’s gross domestic product (GDP) to slow down from 4.7 percent in 2022 to 4.6 percent in 2023, and further decline to 4.2 percent in 2024.

These projections are based on the Bank’s Asian Development Outlook April 2023 released yesterday.

However, the economic growth saw a 6 percentage points revision up from the Bank’s earlier projection of September last year at 4 percent in 2023.

The ADB’s Bhutan Resident Mission Economics Officer,  Sonam Lhendup, said that the decline in investment caused by emerging domestic macroeconomic issues, national elections in December this year, and the transition to a new government five-year plan would slow the growth this year and the next year.