On December 13, 2023, Bhutan achieved a significant milestone by graduating from the United Nations' Least Developed Countries (LDCs) category, becoming the seventh nation to do so.

In response to this achievement, Bhutan launched the 21st Century Economic Roadmap: A 10X National Economic Vision, which aims to transform the country into a developed economy.

The ambitious goal of the 10X vision is to increase Bhutan's real GDP tenfold from approximately $2.5 billion by 2050, with support from the UNDP.

This economic roadmap was developed through the BOLD initiative, which emphasizes agile responses to emerging developmental needs.

The roadmap identifies seven strategic enablers for growth, including excellence in policy and governance, private sector development, human capital enhancement, and infrastructure improvements.

Strategic investments in emerging sectors are projected to contribute 30-50% to GDP, creating knowledge-based jobs and integrating Bhutan into global value chains.

A key focus of the roadmap is the diversification of the economy, with an emphasis on core industries such as hydropower, agriculture, and tourism, while also exploring sectors like the digital economy and sustainable mining.

The hydropower sector is set to expand its capacity to 25,000 MW by 2050, alongside diversification into renewable energy sources such as solar, wind, and hydrogen.

Tourism is expected to shift towards a high-value, low-volume model, targeting premium markets and sectors like wellness and adventure tourism.

The agriculture sector aims to evolve into a high-value, export-oriented industry, focusing on organic and niche products.

Despite these initiatives, Bhutan faces economic challenges including slow pandemic recovery, youth unemployment, out-migration, and a narrow economic base.

Additional challenges include declining fertility rates, widening trade deficits, and the impacts of climate change.