Bhutan, 7th Country to graduate from the Least Developed Countries (LDC)

On the day of August 18th, 2023, a rarefied opportunity graced me as I participated in an exclusive audience with the esteemed Secretary-General of the United Nations. This momentous occasion unfolded within the prestigious confines of the RUB HALL, where my contingent comprised not only 21 erudite fellow students but also five accomplished colleagues from my school. Notably, our assembly was augmented by the presence of dedicated educators and students hailing from various schools under the aegis of Thimphu Thromde, adding a broader academic tapestry to this gathering of minds.Central to this symposium was the collective commitment to Bhutan's imminent elevation from its status as a Least Developed Country, a significant stride anticipated to be realized by the pivotal date of December 13th, 2023. The event held even loftier significance as it was graced by the presence of Prime Minister Lotay Tshering, distinguished parliamentarians, and the eminent Opposition Leader. This convergence epitomized a confluence of visionary leadership and scholarly zeal, emblematic of Bhutan's trajectory towards profound transformation on the global stage.
Here are some key insights from UN Secretary General Abm. Rabab Fatima
Bhutan's graduation from the Least Developed Countries (LDC) list is a major milestone for the country. It is a recognition of the progress that Bhutan has made in terms of economic development, human development, and environmental sustainability.

General insights into the potential implications and benefits of graduating from LDC status:
Economic Recognition: Graduating from LDC status is a recognition of a country's progress in terms of economic growth, income per capita, and human development indicators. This can boost international confidence in the country's economic policies and attract foreign investments.
Access to Finance: LDC graduation may lead to better access to international financial markets at more favorable terms. With improved credit ratings and economic indicators, countries may find it easier to secure loans and investments.
Trade Benefits: Graduating from LDC status can result in preferential trade benefits, including better access to international markets, reduced tariffs, and improved trading conditions. This can enhance a country's export opportunities and overall economic growth.
Improved Image: Graduation signifies that a country has made significant strides in areas such as education, healthcare, and infrastructure development. This positive image can lead to increased tourism, foreign aid, and international collaborations.
Reduction in Aid Dependency: Graduating from LDC status may lead to a decrease in foreign aid reliance. While this can be positive in the long term, it also requires careful planning to ensure that essential development projects continue to receive necessary funding.
Sustainable Development Goals: Graduation aligns with the United Nations' Sustainable Development Goals (SDGs). Countries are expected to continue pursuing these goals even after graduation to ensure that development progress is sustained and inclusive.
Challenges: Graduation can also present challenges. Countries may need to manage their resources and economy more effectively to avoid setbacks. Additionally, they should work to mitigate potential negative effects on vulnerable populations and ensure that the benefits of development are shared across society.
The key attributes that Bhutan needs to do to smooth the transition and maximize the benefits of graduation:
Develop a national smooth-transition strategy: This strategy should identify the key challenges and opportunities that Bhutan faces as it graduates from the LDC list. It should also outline the policies and measures that Bhutan will need to implement to address these challenges and seize these opportunities.
Strengthen its trade and investment promotion efforts: Bhutan needs to strengthen its trade and investment promotion efforts in order to attract more foreign investment and trade. This could involve signing more bilateral and multilateral trade agreements, and participating in more trade fairs and exhibitions.
Improve its human capital: Bhutan needs to improve its human capital in order to compete in the global economy. This could involve investing in education and skills training, and attracting foreign talent.
Protect its environment: Bhutan needs to protect its environment in order to maintain its competitive advantage. This could involve developing and implementing sustainable development policies, and investing in renewable energy.
Bhutan's graduation from the LDC list is a major milestone for the country. However, it is also a challenge. By carefully managing the transition and taking the necessary steps to maximize the benefits of graduation, Bhutan can ensure that it achieves its development goals and becomes a prosperous and sustainable country.