Is Bangladesh's economy really moving fast?

Bangladesh is ahead of India and Pakistan in many economic and social indicators.

This is our big achievement. Bangladesh has now become a case study of economic development in the world, which few economists could have predicted. When Bangladesh overtook Pakistan in GDP growth in 2006, many dismissed it as a fluke. But since then, Bangladesh has surpassed Pakistan every year. Bangladesh is now one of the fastest growing economies in the world.

On the basis of macro-economic stability, the economy of Bangladesh has grown 271 times in 50 years. Bangladesh's successful journey is a good example and in just two decades Bangladesh has overtaken Pakistan in important economic indicators. Bangladesh's per capita GDP has grown by 500 percent in the last 20 years, which is two and a half times that of Pakistan. Bangladesh is ahead of India-Pakistan in economic freedom index. According to a report by the Washington-based conservative think tank The Heritage Foundation, Bangladesh is ranked 120th with a score of 56.5 in 2021. India is at the 121st position with the same score as Bangladesh. Pakistan's position is 152nd. Bangladesh is ahead of India-Pakistan in global peace index. In the latest Global Peace Index (GPI) published by the Institute for Economics and Peace (IEP), an international research institute based in Sydney, Australia, Bangladesh is ahead of India and Pakistan in South Asia.

The economic journey of independent Bangladesh started in 1972. At that time India and Pakistan were ahead in every economic index. Today after 50 years they are lagging behind Bangladesh in almost every index. This is the great achievement of our independence. Human resource is considered the most important factor in the development of any country, so we are ahead not only of Pakistan but also India in many fields. Bangladesh has far ahead of Pakistan in terms of women education, health care, women empowerment, reduction of maternal and child mortality.

All the countries of the world are facing tough times in the global recession except few. This pressure is being felt strongly in Bangladesh as well. Bangladesh's foreign exchange reserves were at rock bottom when the current government came to power. The economy was on the verge of collapsing under the charisma of the overqualified One-Eleven regime. Since then, the history of Bangladesh is moving forward. Even during this Great Recession, Bangladesh's economic growth has outstripped that of what is considered the world's richest and best economic power. Bangladesh's strong steps forward has started the burning of the world. The manipulation of world leaders has started on how to stop this country. However, the fact that Bangladesh cannot be defeated has been highlighted in the Goldman Sachs report. It is said that Bangladesh will be the 16th economy in the world by 2075.

According to the forecast, the GDP of Bangladesh will increase to 6.3 trillion dollars in 2075. 1 trillion dollars equals 1 trillion dollars. According to that, the GDP of Bangladesh will be 6.3 trillion dollars. GDP in local currency will be Tk 686.7 lakh crore. This is Tk 636 lakh crore more than the government's estimated GDP in the current financial year. The economy is predicted by the potential for training and skills for a country's growing population, labor force and vast talent pool. Goldman Sachs' GDP Outlook 2075 calls emerging economies promising. The economy of Bangladesh is moving fast. Due to the corona epidemic, the GDP growth has slowed down a bit, but the economy is picking up again. If this trend continues, Bangladesh will be able to reach the desired destination in 2075. The economy of Bangladesh will surpass Saudi Arabia, Canada, Australia, Turkey, Italy, Malaysia and South Korea. The world will look at Bangladesh in amazement.

Source: Emilia Fernandez

Emilia Fernandez, a security and political analyst with a particular focus on South Asian geopolitics, is a Ph.D. researcher at the University of Lucerne, Switzerland.

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