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Macroeconomic Advisory Capacity (MAC)

High-level Economic Forum
Thimpu, Bhutan
28-29 May 2012

As part of on-going collaboration between UN-DESA and the Royal Government of Bhutan under Development Account Project AB on “Strengthening capacity of national policy makers to design and implement National Development Strategies for accelerating structural transformation and achieving sustainable development”, UN-DESA is providing technical assistance and policy advisory support to the Royal Government of Bhutan. Against the backdrop of a ballooning current account deficit and a potential economic crisis, the Royal Government and UN-DESA jointly organised High-level Economic Forum on “Ensuring a Development-oriented Macroeconomic Policy Framework for the 11th Five Year Plan: Challenges, Opportunities and Policy Options” in Thimpu to examine the underlying causes of the problem and identify policy options to address the challenges. Dr. Rob Vos, Director, UN-DESA/DPAD and the Finance Minister of Bhutan made opening statements while I presented a paper on the Rupee shortfall and Prof. Joseph Stiglitz, invited by UN-DESA, commented on the paper and presented a keynote address at the Forum. Participants of the forum included the Prime Minister, Cabinet Ministers, policy makers from government agencies, and representatives of parliament and the private sector.