𝐔𝐫𝐠𝐞𝐧𝐭𝐥𝐲 𝐍𝐞𝐞𝐝𝐬 𝐄𝐜𝐨𝐧𝐨𝐦𝐢𝐜 𝐑𝐞𝐯𝐢𝐯𝐚𝐥 𝐚𝐬 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬𝐞𝐬 𝐒𝐭𝐫𝐮𝐠𝐠𝐥𝐞 𝐰𝐢𝐭𝐡 𝐃𝐞𝐥𝐚𝐲𝐞𝐝 𝐏𝐥𝐚𝐧𝐬

In the wake of the COVID-19 pandemic, many Bhutanese have sought better opportunities abroad, leaving once-thriving local businesses along Norzin Lam, Thimphu’s bustling commercial artery, eerily empty. The sight of vacant shops adorned with “To Let” signs paints a stark picture of economic distress. As a concerned citizen, I find it disheartening to witness this decline in our vibrant capital.

A friend who owns a shop along Norzin Lam recently confided in me, revealing the harsh reality of barely covering rent, let alone overhead costs. The foot traffic and bustling commerce that once defined this area have dwindled, leaving shopkeepers contemplating closure. This sentiment is echoed across many small businesses nationwide, signaling a deepening economic crisis.

Within these challenges, the government’s response appears inadequate. While the 13th Five Year Plan is finalized, the Prime Minister’s focus on meetings with ministries and departments to implement it, rather than implementing it directly, is puzzling. Meanwhile, politicians await month-end for their salaries, while businesses avoid month-end to dodge rent and overhead payments. This juxtaposition stresses the stark contrast between bureaucratic timelines and the pressing needs of struggling entrepreneurs.

The delay in implementing a robust economy stimulus plan only exacerbates the plight of businesses teetering on the brink. These measures cannot wait for bureaucratic timelines; they must be swift, decisive, and directly address the challenges faced by entrepreneurs and shop owners grappling with dwindling revenues and rising operational costs.
It is imperative that the government swiftly implements policies aimed at revitalizing our economy. These should include financial support mechanisms tailored to small businesses, tax relief measures, and incentives to encourage consumer spending. Moreover, targeted efforts to revive tourism and promote domestic consumption can inject much-needed vitality into local economies.

Furthermore, the resilience of Bhutan’s economy hinges on proactive measures to support industries beyond just the capital. Rural communities, where traditional livelihoods are under strain, also require tailored support to sustain their economic fabric.
In tandem with economic stimulus, there must be a concerted effort to foster innovation and entrepreneurship. Encouraging young Bhutanese to explore innovative business ideas can diversify our economic base and create new avenues for growth. This approach not only mitigates the immediate crisis but also lays the groundwork for sustainable economic development in the long term.

Beyond economic measures, there is a need for strategic investment in infrastructure and digital connectivity. Enhancing access to reliable internet and modernizing transport networks can unlock new opportunities for businesses, particularly in remote areas where economic potential remains untapped.

As citizens, we cannot afford to wait idly as our economy falters. The time for decisive action is now. We must hold our leaders accountable for delivering on their promises of economic revival. Transparency in the allocation and utilization of funds for stimulus packages is essential to rebuilding trust and confidence among business owners and the wider population.

Moreover, fostering a collaborative approach between the public and private sectors is crucial. By harnessing the creativity and resilience of our people, we can collectively steer these challenging times and emerge stronger.
The challenges faced by businesses along Norzin Lam are emblematic of a broader economic downturn that demands urgent attention. The government’s commitment to the 13th Five Year Plan is commendable, but it must be complemented with immediate, targeted measures to stabilize and revitalize our economy. Let us unite in advocating for swift and decisive action to ensure a prosperous future for all Bhutanese.

As concerned citizens, we must rally behind initiatives that prioritize economic recovery, ensuring that no shop along Norzin Lam or elsewhere in Bhutan is left vacant due to economic hardships beyond their control.

Pema Dorji
Thimphu