The People’s Democratic Party emerged victorious in Tuesday’s parliamentary elections, January 9, securing the majority of seats and is set to form the new government under the predicted leadership of Tshering Tobgay. The citizens of Bhutan are optimistic that the lawmakers will fulfill their pledges to address the country’s economic predicament.
The PDP has won 30 of the 47 National Assembly seats to retake power, while the Bhutan Tendrel Party has won 17. These figures were obtained from the latest data released by the national broadcaster, Bhutan Broadcasting Service. This was the nation’s fourth round of general elections following its switch in 2008 from a traditional monarchy to a parliamentary system of governance.
Only the PDP, led by former prime minister Tshering Tobgay, and the BTP, led by former civil servant Pema Chewang, were represented by candidates on Tuesday’s ballot. The center-left Druk Nyamrup Tshogpa party was among the three parties ousted in a November primary election.
Bhutan’s current financial Situation
Bhutan is a landlocked country of about 800,000 inhabitants that is sandwiched between China and India. The country is dealing with a financial crunch. The acute financial crisis was a significant factor in the election campaign.
Over the previous five years, a country’s GDP increased at a pace of 1.7%, according to the World Bank.
The country’s economic potential is being undermined by a youth exodus seeking employment and further education overseas, coupled with a persistent problem of unemployment.
Bhutan’s King Jigme Khesar Namgyal Wangchuck unveiled plans in December to build a megacity with a zero-carbon industry and international investment in Gelephu, a town bordering the northeastern Indian state of Assam, to solve the country’s economic difficulties.
According to King Wangchuk, the construction of the cities would respect Bhutanese customs and culture while integrating with the Himalayan environment.
Top Indian corporate executives who are anticipated to contribute to the project met with him. The building will be done in a Bhutanese zone under special administration with policies that encourage investment.