By Farzana Tamannur (Bangladesh)

Bangladesh is considered as a rising star among South Asian economies. Its per capita income was $1,856 in 2019, —considerably greater than Pakistan which is $1,285. Its per capita income was $250 less than that of India. In 2020, Bangladesh was ahead of India because the growth rate was 2.4 percent while India’s GDP decreased by 7.3 percent. These numbers especially during the pandemic year positive rate of growth are outstanding which 6% per year is. GDP per capita now stands on $2,227, greater than India’s ($1,947) as well as much higher than its former rulers, Pakistan ($1,543). 

Few least developed countries could match Bangladesh’s record in this detail. Various pointers of human development also show noteworthy improvement: mean years of schooling were up from 4.1 to 6.2; life expectancy in 2019 was 72.6 years, a gain of over 7 years since 2000; and the country’s human development index (HDI) value had moved up from 0.478 in 2000 to 0.632 in 2019. Bangladesh’s HDI ranking is now 133rd out of a total of 189 countries, still comparatively low however better than both Nepal (142) and Pakistan (154). Bangladesh scores fine against India plus other South Asian countries in several social indicators, counting health, birth-rates, life expectancy, and employment of females.

Bangladesh has the prospective to become the financial hub in South Asia which needs regional and worldwide economic cooperation. Bangladesh is organizing 100 special economic zones for main investors which would create employment chances for millions together with increased economic development that could contribute vastly to the total socio-economic development of Bangladesh. To attract foreign investments, Bangladesh passed One-Stop Service Act to offer all the essential services to investors from the same point.

The government set numerous targets for Bangladesh, specifically to accomplish the status of a middle-income country by 2021, achieving the SDG goals by 2030, converting a developed country by 2041, becoming a wonder by 2071, as well as executing a delta plan by 2100. Therefore, Bangladesh is moving onward with precise objectives in mind. Many argue that Bangladesh could be a developed nation by 2041 if the political stability in the country regime continues plus the supports from the main development partners. One of the main strengths for Bangladesh is that amongst 170 million persons more than 60 percent are energetic and lively youths who could contribute vastly to the complete development of the country. The world requires to know that Bangladesh is no more a ‘global basket case’. And for this achievement, Bangladesh and its people honestly appreciate the collaboration from the global community.

Presently, the share of agronomy in GDP is around 13 per cent, though that of the industry and services segments are around 30 percent and 53 percent. Though textile includes the largest business by far, the local pharmaceutical segment is performing marvelously, having clocked 17.36 percent upper export growth throughout July to November 2020. Manufacturing of anti-coronavirus medications like Favipiravir and Remdesivir has heightened the industry. The pharmaceutical market is projected to exceed USD 6 billion by 2025, registering 114 per cent development from 2019 levels.

Among services, computing and microfinance are among the biggest sectors, with the country’s technology exports reach about USD 1 billion yearly. The government objects to increase technology exports toward USD 5 billion by 2021. The increasing strength of the Info and Communication Technology (ICT) industry supports the pillars that would support Bangladesh’s revolution to a digital economy by 2021, plus a knowledge economy by 2041. The ‘Digital Bangladesh Vision’ recognizes human resource development, connecting peoples, e-governance as well as the promotion of the ICT business as critical to meeting these revolution targets. The country moreover has 600,00 IT freelancers. 

Bangladesh now has a regular growth rate of 8% – well above the Asian average, Asian Development Bank statistics show. A decay in population growth is moreover helping an upsurge in per capita income. The number of employed labors living underneath the poverty line fallen from 73.5% in 2010 toward 10.4% in 2018.

The garment trade that started in Bangladesh in the 1970s is now a $30 billion business. But the economy is expanding. The services sector – containing computing and microfinance– makes up 53% of Bangladesh’s GDP.

The UN assessment committee has moreover put onward some commendations such as restructuring the domestic business as well as taxation policy for the making of jobs, and recommended export and market divergence of goods to stop over-dependence on garments. The government has set a goal of USD 41 billion with 21.75 percent development for FY 2020-21 from exports of merchandise. This contains a target of USD 33.78 billion (20.88 per cent development) for the clothing sector, which contributes above 80 percent to national exports. In 2020, exports minimized to a 5-year low because of the pandemic-induced worldwide slowdown in demand plus order cancellation, contracting 14.6 percent year-on-year, with garments posting a 17 percent drop. There is no doubt that as economic progression is witnessed in Bangladesh, the country is likely to rise as one of the major economic and trade hub in the region.