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Sriram Balasubramanian and Mr. Paul Cashin

1980–2017 TABLES 1. World Happiness Rankings 2017, 2018 2. Bhutan: Details of the Nine Domains of Gross National Happiness 3. Sample of GNH Survey Results, 2010 and 2015 4. Bhutan: GDP Sector Shares and Growth Rates, 1980–89

Sriram Balasubramanian and Mr. Paul Cashin

References Bhutan Planning Commission ( 1990 ). Seventh and Eighth Five-Year Plans . Thimphu : Government of Bhutan . Centre for Bhutan Studies and GNH Research ( 2016 ). A Compass Towards a Just and Harmonious Society: 2015 GNH Survey Report . Government of Bhutan : Thimphu . Clark , Andrew E. and Claudia Senik ( 2011 ). Will GDP Growth Increase Happiness in Developing Countries? Discussion Paper No. 5595 . Bonn : IZA . Columbia University ( 2016 ). Translating Gross National Happiness into Practice

Sriram Balasubramanian and Mr. Paul Cashin

relationship between GDP growth and happiness (or well-being), using subjective well-being measures such as surveys of nationally-representative samples of the population (such as the GNH Surveys). That is, we will examine whether GDP growth is a useful proxy for and conduit to happiness, and whether happiness-driven policies can help raise economic growth rates. The rest of the paper is structured as follows. Section II contains a discussion of the roles of GNH and GDP in Bhutanese policymaking and measurement of development. Section III provides a brief overview of

Sriram Balasubramanian and Mr. Paul Cashin
This paper examines the origins and use of the concept of Gross National Happiness (or subjective well-being) in the Kingdom of Bhutan, and the relationship between measured well-being and macroeconomic indicators. While there are only a few national surveys of Gross National Happiness in Bhutan, the concept has been used to guide public policymaking for the country’s various Five-Year Plans. Consistent with the Easterlin Paradox, available evidence indicates that Bhutan’s rapid increase in national income is only weakly associated with increases in measured levels of well-being. It will be important for Bhutan to undertake more frequent Gross National Happiness surveys and evaluations, to better build evidence for comovement of well-being and macroeconomic concepts such as real national income.
International Monetary Fund. Asia and Pacific Dept

vitality, cultural diversity, ecological resilience, living standard, health, education, good governance. According to the 2010 GNH Survey, 40.9 percent of Bhutanese are “happy.” In March 2012, the United Nations hosted a major conference on GNH and adopted UN Resolution 65/309 which recognized the pursuit of happiness as a fundamental human goal. Since then, Bhutan has convened a high-level panel of international experts to make recommendations to the UN General Assembly. 1 Prepared by Sonali Jain-Chandra. Box 2. Inflation in Bhutan 1 Historically, headline

International Monetary Fund. Asia and Pacific Dept
This 2014 Article IV Consultation highlights that the GDP growth in Bhutan has slowed from about 10 percent in FY2011 (July 1–June 30) to 5 percent in FY2013. Slower growth reflects policy efforts to contain overheating pressures in the form of restrictions on credit for construction and vehicle. Inflation has remained elevated, tracking closely that of India (Bhutan’s main trading partner). Social development indicators have improved steadily, and Bhutan is on track or has achieved most of its Millennium Development Goals. Growth is projected to recover to 6½ percent in FY2014, driven mainly by a pick-up in hydropower-related construction activities and domestic services.
International Monetary Fund

, ecological diversity and resilience and economic living standards. These areas and their various indicators/indices were determined based on a pilot survey and a National GNH Survey conducted in 2006 and 2008. The composite GNH index is to be aggregated from these indices and indicators from among the nine domains with appropriate weighting. These indices and indicators - include a wide range of factors with a significant bearing on individual and collective happiness and include the mental health index, family relationship index, financial security indicator, healthy

International Monetary Fund
Bhutan has evolved from a closed economy to a trading nation that exhibits a high degree of dependence on trade. Exports have grown rapidly but overall the country’s trade deficit continues to widen owing to an even faster growth in the value of imports. The manufacturing and industry sector is constrained by various factors that impede its further development. FDI and joint ventures are some of the mechanisms that must be actively promoted to help jump start the process.