Bhutan become the seventh nation to graduate from the United Nations’ (UN) list of Least Developed Countries (LDC).
Bangladesh, Laos, and Nepal were suggested for deletion from the list at the UN’s triennial review of LDC nations in 2021.
In 1971, Bhutan was added to the initial list of LDCs.
Bhutan first achieved graduation criteria in 2015 and then again in 2018.
Bhutan was so expected to complete its graduation in 2021.
With an average annual growth rate of more than 7 per cent, Bhutan’s economy has grown more than eight times in the previous 20 years.
Its hydropower exports to India currently make about 20% of its economy.
UN definition for LDC: A country that exhibits the lowest indicators of socio economic development, with low levels of income, human capital, and economic diversification, high levels of economic vulnerability, and a population that is disproportionately dependent on agriculture, natural resources, and primary commodities.
The UN now recognises 46 nations as LDCs.
One from the Caribbean, 9 from Asia, 33 from Africa, and 3 from the Pacific region make up the remaining group.