Bangladesh, whose economic improvement has caught worldwide attention, will sustain a growth of over 7 percent in 2022-26 fiscal and this should drive Bangladesh's Gross Domestic Product up to USD 500 billion and per capita to USD 3,000 by 2026 fiscal, according to leading economists of Standard Chartered
Bangladesh, whose economic improvement has caught worldwide attention, will sustain a growth of over 7 percent in 2022-26 fiscal and this should drive Bangladesh's Gross Domestic Product up to USD 500 billion and per capita to USD 3,000 by 2026 fiscal, according to leading economists of Standard Chartered. Bangladesh remains a compelling growth story, despite the global pandemic, the bank's global research team said at a media session.
It followed the 2021 Bangladesh session of the Bank's Global Research Briefing series, said a press release.
Bangladesh Planning minister MA Mannan graced the event as the chief guest.
Mannan said, "The people of Bangladesh, including the government and our business community, have once again demonstrated our tremendous resilience ensuring that our shared development journey might have slowed, though it has not been halted.
“We remain as committed as ever in fostering a business-friendly climate so that we can continue on our journey of inclusive progress and prosperity,” BSS quoted the minister as saying.
Global head of research and chief strategist of the Standard Chartered Eric Robertsen said, "While the pace and distribution of global recovery remain highly uneven, Bangladesh has made a strong comeback with one of the highest GDP growths in the world in 2020. A robust vaccination program and implementation of strategic infrastructure projects are expected to further increase momentum towards the nation's LDC graduation".
Standard Chartered Economist for South Asia Saurav Anand said, "Bangladesh's economy is set to accelerate after a speed bump, with GDP growth forecast at 5.5 percent in 2021 fiscal and 7.2 percent in 2022 fiscal.
The momentum will be driven by an export demand recovery, strong remittance inflows and public investment. Policy support is a prerequisite for a smooth transition to middle-income status, with per capita GDP set to reach $3,000 by FY26."
According to the World Economic League Table 2020, Bangladesh's economy would grow at one of the fastest rates between 2020 and 2034, thanks to a demographic dividend and growing per capita income.
The latest edition of the WELT, issued by international economic forecaster London-based Centre for Economics and Business Research last month, Bangladesh ranks 40th among 193 nations this year and would ascend to 25th in 2034, a place presently held by Belgium.
Bangladesh is a lower-middle-income country, with a purchasing power parity adjusted GDP per capita of USD 5,028 in 2019.
2019 was a good year for the economy, with an outstanding 7.8 percent growth rate. The figure, however, was lower than the 7.9 percent GDP growth rate seen in 2018.
Since 2014, Bangladesh's population has grown at a pace of only 1 percent per year.
As a result, per capita income has increased significantly in recent years.
Last year, government debt as a percentage of GDP increased to 34.6 percent, up from 34 percent in 2018.
Despite the rise, the government's finances are in good shape, said a Dhaka Tribune report.