Bangladesh is one of the fastest developing economies in the world. In 2015, Bangladesh graduated from the status of a least developed country (LDC) and became a low middle-income country. We hope that soon Bangladesh will become one of the middle-income countries in the world. Today, Bangladesh is moving forward at a relentless pace in various indicators of the economy. The country is rapidly advancing in the areas of national growth, per capita national income, export income, foreign exchange reserves and electricity, communication, economic and social infrastructure.
Despite the Coronavirus pandemic, the per capita national income of Bangladesh is positive. In the fiscal year 2019-2020, the per capita income of Bangladesh was US$ 2,064. And in the fiscal year 2020-2021, this income has increased to US$ 2,228. In the fiscal year 2018-2019, the GDP growth of Bangladesh was 8.15 percent. And in the fiscal year 2019-2020, this growth was 5.24 percent. According to the ADB report, in the 2020-2021 and 2021-22 fiscal years, this growth is expected to be 6.8 percent and 7.2 percent respectively, despite the pandemic.
Under the able and dynamic leadership of development friendly Prime Minister Sheikh Hasina, Bangladesh is on the highway of development today with the touch of her outstanding prudence and efforts. Today, Bangladesh’s development-oriented galloping horse is moving towards fulfilling the desired goal at a fast pace, surpassing various countries in South Asia.
In the meantime, Bangladesh has fulfilled the various conditions of the United Nations and in accordance with the criteria set by them, they have passed their examinations twice in a row in 2016 and 2021 and have qualified to enter into the list as a developing country. According to the 2020 survey, Bangladesh is the 41st largest economy in the world.
According to the Centre for Economic and Business Research (CIBR), a British economic research institute, Bangladesh will be the 34th largest economy by 2025, 26th by 2030 and 25th by 2035 if the current economy continues to grow and develop.
While the global economy is in the grip of the Coronavirus pandemic, Bangladesh’s economy is moving forward, albeit at a relatively slow pace. And one of the strengths or factors behind this move is the growth of its overall export earnings, the growing inflow of remittances and the positive flow of per capita national income.
According to a survey by the World Bank’s Multi Donor Trust Fund, the Global Knowledge Partnership and Development, Bangladesh ranks eighth among the top ten countries in the world in terms of remittance inflows by 2020. At present, Bangladesh’s remittance reserves are over US$ 45 billion and Bangladesh ranks 45th in the world in terms of remittances. According to an EPP statistic, in the first ten months of the 2020-2021 fiscal year, Bangladesh’s export earnings were US$ 32 billion, an increase of 8.75 percent over the same period last year.
This rise and progress of Bangladesh’s economy is now a surprise to the whole world. People all over the world are now amazed at this progress of Bangladesh. State thinkers, economists and big newspapers of different countries are now praising Bangladesh. They are monitoring our economic development strategy. Some countries are also considering whether this development strategy can be followed or implemented in their countries.
According to a reliable source, Nicholas Christoph, a well-known columnist for the New York Times, recently advised US President Jo Biden to learn from Bangladesh on ways to alleviate poverty.
Another US daily, the Wall Street Journal, recently wrote that Bangladesh’s economy is now the most ‘fast horse’ in South Asia. Mike Hard, a commentator for the Washington Post, writes that at one time South Korea was cited as an example of development. Now Bangladesh has occupied that place.
Bangladeshi children look at a computer with avid interest.
The remarkable success that has been achieved in the field of the economy of Bangladesh in recent years has been beautifully and brilliantly reflected in various reports published in various news outlets in the country and abroad. Before presenting their 2021-2022 budget, Finance Minister Nirmala Sitharaman of Bangladesh’s neighbouring country, India, said in February that there was a lot to learn from Bangladesh on how to increase export earnings in certain sectors.
India has also been attracted to the growing per capita national income of the people of Bangladesh. By the end of 2020, the IMF had forecast that Bangladesh would surpass India in terms of per capita national income. And that has really happened. On June 1, Bloomberg headlined, “South Asia now needs to look at the region’s stars.” Needless to say, this star is Bangladesh.
According to a report in The Print on May 26, Bangladesh has built deep ties with its neighbours, from sending India’s Covid-19 epidemic relief supplies to Sri Lanka’s economic crisis through loan assistance.
Note that Bangladesh recently agreed to exchange US$ 250 million with Sri Lanka. This money will go a long way in strengthening the Sri Lankan economy. The currency exchange process will also help Colombo overcome its huge debt crisis. Through this initiative, it is clear to the outside world that Bangladesh is currently on a strong economic footing.
Moreover, Bangladesh is one of the 40 countries that sent relief twice in the second wave of the Coronavirus to India. On May 8, Bangladesh sent medicines to India. Later on, May 16, Bangladesh also sent 2,072 boxes of antiviral drugs and Covid protection materials to India.
The rise of Bangladesh’s economy has also attracted the attention of Pakistani intellectuals. According to a source in a leading Pakistani daily, Abid Hassan, a former adviser to the World Bank’s Pakistan programme, compared the situation in Pakistan with Bangladesh’s economic rise in an article. He said even 20 years ago, it was unthinkable that by 2020, Bangladesh’s per capita GDP would be higher than Pakistan’s.
According to him, if Pakistan maintains its disappointing performance, it may have to seek cooperation from Bangladesh by 2030. This requires a change in Pakistan’s mentality. Bangladesh is a humanitarian state in South Asia.
The Canada-based International Forum for Rights and Security, a think tank, recently published a report on Bangladesh and Pakistan. It has been shown there that Bangladesh is ahead in all areas of the index. Many economists have called on all countries to follow the Bangladesh model in the development of South Asia.
So, it is expected and confirmed that if the Bangladesh Government can handle the Covid-19 epidemic in the same way in the future as it has done in the past, then in 2035 Bangladesh will be the 25th largest economy in the world and in 2041 it will be Bangabandhu’s developed and prosperous golden Bangladesh. (Eurasia Review)
(M.D. Pathik Hasan is a Dhaka-based NGO activist and freelance writer (particularly on current international issues).
– Daily News Sri Lanka
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