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Saturday, February 4, 2023

Bangladesh’s Economy Impressive Growth

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Introduction

According to the World Bank report, Bangladesh’s Economy is the fastest growing economy. Apart from this, Bangladesh’s poverty has reduced from 43.5% to 14.3% in two decades.

Bangladesh's poverty rate

Furthermore, there is a need to improve the rule of law, electoral democracy, and human rights situation. Without these, economic development is meaningless. 

Bangladesh’s Garment Industry

In the last seven years, Bangladesh’s garment industry has increased its annual revenue from $19 billion to $34 billion. According to the International Finance Corporation (IFC), almost 79% of revenue rose.

Bangladesh’s Garment Industry

Bangladesh’s economic progress started in the 1980s when garment industries in the 1980s and 90s gained significant economic progress. Further, it allowed many private entrepreneurs to contribute to the economy.

Bangladesh Economy

Bangladesh’s economy is one of the fastest growing economies in the world. It has stable macroeconomic conditions and has recovered its economy during the COVID-19 pandemic situation. Bangladesh’s GDP growth was 6.9 percent in FY21. Bangladesh has shown remarkable economic transformation.

The World Bank says that today’s low-income countries can learn important lessons from Bangladesh. In 2019, Bangladesh had 4,6000 factories that produced garments and exports amounted to about $33 billion. Bangladesh’s economy will grow by about $516.24 billion in the fiscal 2024–25. 

South Asian economies in 2025 

In the South Asian region, Bangladesh has been the second-largest economy since 2019. It will maintain this position till 2025. In addition to this, in 2021 Bangladesh’s GDP will be US$2,138.794 and that is higher than India, according to the International Monetary Fund.

Bangladesh’s Economy VS India

Bangladesh is a rising star among South Asian economies. In 2019, Bangladesh per capita income was $ 1,856- substantially higher than Pakistan’s $1,285. Further, it is only $250 less than India.

Bangladesh’s GDP growth is 2.4 percent whereas India’s GDP growth is about 7.3 percent. In 2020 Bangladesh’ GDP was higher than India and will maintain its position so then it will reach about $2, 994.46 in FY25. On the other side, India’s per capita GDP will be $2,829.65.

According to the International Monetary Fund (IMF), in 2021, Bangladesh’s GDP was $2,138.794, and that was higher than India’s.

Bangladesh VS Pakistan’s Economy

Bangladesh’s GDP is about $411 billion compared to Pakistan’s GDP it is about $347 billion. It has the 33rd largest economy in the world. Further, experts said that the size of economy could double by 2030. 

Furthermore, in Pakistan and Bangladesh elites’ society enjoyed all benefits and privileges.

Bangladesh VS Pakistan's Economy

Human development paradox 

In human development, Bangladesh has made more progress as compared to Pakistan. Bangladesh has made progress in elementary school enrollment, but on the other hand, 44% of Pakistani students are out of school. It is the second-highest number in the world. However, Bangladesh is successful in elementary school enrollment.

Bangladesh’s Economy Crisis

Bangladesh imported goods and its worth about $61.52 billion (€58.48billion) in 2021-2022 fiscal year. Many in Bangladesh have fear that their country could face a similar situation like Sri Lanka due to trade deficit is rising and foreign debt burden. Bangladesh  imports are set that is about $85billion in this year, however its exports will not be more than $50 billion.

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