Economy Type
Hydropower & Green Economy
Bhutan is classified as a Hydropower & Green Economy country.
This is because hydroelectric power generation utilizing abundant water resources and electricity exports to India are the core of the national economy, and tourism, agriculture, forestry, and digital services are being grown in conjunction with environmental conservation.
The IMF forecasts a growth rate of 7.4% for the 2025/26 fiscal year, citing the expansion of hydropower exports, tourism recovery, and public investment as key growth drivers. The World Bank also assesses the operation of the Punatsangchhu-II power plant and new hydropower projects as key drivers of medium-term growth.
Country Definition
Bhutan is a Himalayan green growth nation expanding tourism, the digital economy, and eco-friendly industries based on hydropower and environmental conservation.
Why It Matters
Although Bhutan has a small economy, it exports hydroelectric power to India and plays an important role in the clean energy supply chain in South Asia.
Bhutan aims for a total power generation capacity of 25 GW by 2040, including 20 GW of hydropower and 5 GW of solar power, and is expanding cooperation with Indian companies in power generation projects.
In addition, the 13th Five-Year Plan presents hydropower, tourism, agriculture, forestry, and water management as key growth sectors and aims to increase the digital economy's contribution to GDP to 10% by 2034.
Korea Perspective
For South Korea, Bhutan holds greater significance as a market for clean energy, smart tourism, agricultural technology, digital government, and climate cooperation than as a large-scale consumer market.
Korean companies can consider cooperation in the following areas.
- Hydroelectric Power Operation and Safety Management
- Solar power and energy storage systems
- Smart Grid
- Mountain-type disaster management
- Smart tourism and reservation platform
- Eco-friendly Hotel & Wellness
- Smart agriculture and food processing
- e-government and digital education
- Medical devices and telemedicine
- Forest and carbon management
Considering the country's size and dependence on India, demonstration projects linked with governments and international organizations are more appropriate than large-scale independent investments.
Key Keywords
- Hydropower & Green Economy
- Hydropower
- Clean Energy
- India Market
- Sustainable Tourism
- Gross National Happiness
- Digital Bhutan
- Organic Agriculture
- Climate Resilience
- Himalayan Economy
Bhutan is a landlocked country located in the Himalayan region between India and China, and operates a constitutional monarchy and a parliamentary system.
Despite its small population and market size, it has improved living standards and poverty indicators based on hydropower, tourism, and the public sector. The World Bank assesses that revenues from hydropower, tourism, and remittances have supported human capital investment and contributed to the achievement of nearly eliminating extreme poverty.
However, youth unemployment, overseas migration, foreign exchange reserves, reliance on hydropower, and high public debt remain ongoing challenges. Despite strong growth, the IMF identifies youth emigration and external imbalances as major structural risks.
Key Features
- hydroelectric power-centered economy
- High economic ties with India
- National Strategy Centered on Environmental Conservation
- High value-added tourism policy
- small domestic market
- Overseas migration of young people
- High public investment and debt
- Fostering the digital economy
Bhutan's economy is centered on hydropower, construction, tourism, agriculture, and public services.
The structure is such that growth rates, exports, and fiscal revenues fluctuate significantly depending on the timing of the construction and operation of hydroelectric power plants, and tourism and the service sector are key areas for diversifying the non-hydroelectric economy. The IMF forecasts that the medium-term growth rate will remain at approximately 6.5%, citing hydroelectric power, public investment, and tourism recovery as major factors.
Although the domestic market is small, demand for energy, ICT, education, medical, agricultural, and tourism infrastructure is formed centered on government procurement and international development projects.
Market characteristics
- Hydropower and public investment focus
- High connectivity with the Indian economy
- small domestic market
- Government and development cooperation projects are important
- Fostering the tourism and digital industries
- Emphasis on environmental regulations and sustainability
MarketHub Point
It is appropriate to approach Bhutan through B2G and project markets centered on clean energy, tourism, digital government, and public infrastructure, rather than the general consumer market.
Hydroelectric power is Bhutan's core industry and largest export industry.
It generates electricity by utilizing abundant water resources and high altitude differences, exporting most of it to India. The operation of new power plants and increased investment by Indian private companies have the potential to significantly increase power generation capacity and exports in the future.
Tourism is a high-value-added industry centered on nature, culture, and wellness, while in agriculture, the production of rice, corn, potatoes, fruits, livestock, and organic farming is important. ICT and digital services are being fostered as new growth sectors for youth employment and industrial diversification.
Key industries
- hydroelectric power
- Tourism and Wellness
- Agriculture and livestock
- food processing
- erection
- forest
- ICT and Digital Services
- public services
- solar power
- Education and medical care
Key resources
- Water resources
- forest
- Clean Power
- Tourism and cultural resources
- Organic production base
- Accessibility to the Indian market
MarketHub Point
Bhutan's core competitiveness lies in its green economy structure, which connects hydropower and the natural environment with energy, tourism, and digital services.
Bhutan's trade relies heavily on India.
Major exports are electricity, mineral and metal products, cement, and agricultural products, while major imports are fuel, machinery, automobiles, food, electrical and electronic products, and construction materials. Both electricity exports and imports of power generation equipment and construction materials account for a significant share.
Bhutan's supply chain can be understood as having the following structure.
인도 자본·기술·건설자재
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부탄 수력발전·인프라
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전력 생산
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인도 전력시장 수출
수력발전 수출 확대는 외환과 재정수입을 개선하지만, 인도시장과 특정 산업에 대한 의존도를 높이는 요인이기도 하다. 세계은행은 신규 발전소 가동으로 전력수출이 증가할 것으로 전망한다.
주요 교역국
- 인도
- 방글라데시
- 중국
- 태국
- 싱가포르
- 네팔
주요 수출품
- 수력발전 전력
- 철·합금제품
- 시멘트
- 광물제품
- 농산물
- 관광서비스
주요 수입품
- 석유제품
- 기계·발전설비
- 자동차
- 철강·건설자재
- 식품
- 전기전자제품
- 의약품
공급망 특징
- 인도 중심 무역·물류
- 전력수출 의존
- 수력발전 건설재 수입
- 육상운송 중심
- 계절별 전력생산 변동
- 작은 시장과 높은 물류비
- 인도 정책·수요에 민감
MarketHub Point
부탄의 공급망 경쟁력은 독립적인 제조기반보다 청정전력을 생산해 인도시장에 공급하는 에너지 연결구조에 있다.
부탄은 일반 소비시장보다 수력발전·재생에너지·스마트관광·디지털정부·기후회복력 중심의 B2G·프로젝트 시장으로 접근하는 것이 적절하다.
IMF는 2025/26 회계연도 성장률을 7.4%로 전망하며 수력발전 수출, 관광 회복과 자본지출을 핵심 동력으로 제시한다. 세계은행도 Punatsangchhu-II 발전소의 본격 가동과 신규 수력사업이 중기 성장을 이끌 것으로 평가한다.
한국 기업에는 수력발전 운영·안전관리, 태양광·ESS, 스마트그리드, 산악재난 대응, 관광 플랫폼, 농식품 가공과 전자정부 분야가 상대적으로 적합하다. 다만 시장규모가 작고 정부·인도·개발금융기관 중심으로 사업이 형성되므로 장기 금융과 현지 공공 파트너십이 중요하다.
시장 특징
- 수력발전·공공투자 중심
- 인도시장 의존도 높음
- 정부·개발금융 프로젝트 중요
- 환경·지속가능성 기준 엄격
- 소규모 실증형 사업에 적합
주요 기회
- 수력발전 운영·안전
- 태양광·에너지저장장치
- 스마트그리드
- 산악재난·기후대응
- 스마트관광·웰니스
- 농식품 가공
- 전자정부·디지털교육
- 의료기기·원격의료
주요 리스크
- 작은 시장규모
- 인도 경제·정책 의존
- 높은 공공부채
- 수력발전 집중도
- 산악물류·건설비 부담
- 청년실업·인력 유출
부탄의 미래 경쟁력은 수력발전 중심 경제를 관광·농업·디지털서비스·친환경 산업으로 얼마나 다각화하는가에 달려 있다.
세계은행은 2025/26 회계연도 성장률을 7.1%, 2026/27년을 6.4%로 전망하며 수력발전소 가동과 건설투자를 주요 성장요인으로 제시한다. 그러나 2025년 4분기 청년실업률은 20.6%로 높아, 성장과 일자리 창출 간 격차가 핵심 과제로 남아 있다.
부탄 정부는 13차 5개년계획을 통해 수력발전, 관광, 농업, 디지털서비스와 인프라를 우선 분야로 추진하고 있다. 동시에 기후변화는 수력발전·농업·관광 모두에 영향을 줄 수 있어 재난대응과 경제 다각화가 중요하다.
향후 주목할 변화
- 신규 수력발전소 가동
- 대인도 전력수출 확대
- 태양광·ESS 투자
- 고부가가치 관광 회복
- 디지털서비스 육성
- 청년 일자리·해외이주
- 공공부채 관리
- 기후재난 대응
Market Position
Clean Energy Project Market + Himalayan Green Economy Hub
청정전력과 환경보전을 기반으로 성장하는 히말라야형 녹색에너지·공공 프로젝트 시장
Key Opportunities
- 수력발전
- 태양광·ESS
- 스마트그리드
- 재난·기후대응
- 스마트관광
- 웰니스
- 농식품 가공
- 디지털정부
- 원격의료
- 산림·탄소관리
Recommended Strategy
Observe
수력발전 가동일정, 대인도 전력수출, 공공부채, 관광정책과 기후위험을 지속적으로 모니터링한다.
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Prepare
부탄 정부, 인도 협력기관, 국제개발은행과의 협력망을 구축하고 기술·금융·운영을 결합한 소규모 실증모델을 준비한다.
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Participate
수력발전 안전관리, 태양광·ESS, 스마트관광, 디지털정부와 기후회복력 분야에서 우선 참여하고 단계적으로 확대한다.
Final Assessment
부탄은 대규모 상품시장보다 청정에너지·관광·디지털정부와 기후회복력 솔루션을 중심으로 접근해야 하는 히말라야형 녹색 프로젝트 시장이다.
조사 범위
본 자료는 국제기구, 부탄 정부, 개발금융기관과 경제·산업자료를 교차 검토하여 작성하였다.
국제기구
- International Monetary Fund
- World Bank
- Asian Development Bank
- United Nations Development Programme
- World Trade Organization
정부 및 공공기관
- Royal Government of Bhutan
- Ministry of Finance
- Gross National Happiness Commission
- Department of Energy
- Department of Tourism
- National Statistics Bureau
- KOTRA
- 한국수출입은행 해외경제연구소
- 대외경제정책연구원
연구 및 산업자료
- IMF Bhutan 2025 Article IV Consultation
- World Bank Bhutan Development Update 2026
- Bhutan 13th Five Year Plan
- Bhutan Macroeconomic Performance and Outlook Report 2026
- World Bank Bhutan Climate and Development Report
- 국제 수력발전·관광·디지털경제 자료
Writing Verification
본 문서는 다음 원칙에 따라 작성하였다.
- 실제 국제기구·정부·산업자료 조사
- 확인된 사실과 전망 구분
- 대한민국과 MarketHub 활용 관점 적용
- WCI-001 Golden Template v1.0 기준 작성
- WCI-001 Part 2 표준 분량 유지
- ISO 국가 알파벳 순서 확인
Bhutan is a Hydropower & Green Economy country growing based on hydroelectric power generation and environmental conservation .
Future competitiveness depends on stably expanding electricity exports to India while growing the tourism, agriculture, digital services, and renewable energy industries together.
It is desirable for South Korea to approach Bhutan as a public project cooperation market where clean energy, smart tourism, e-government, and climate resilience technologies can be demonstrated, rather than as a general consumer market.
Final evaluation
Bhutan is a Himalayan green economy nation that combines clean power and environmental conservation as a national growth strategy, and from a MarketHub perspective, it is evaluated as a “Clean Energy Project Market + Himalayan Green Economy Hub.”