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If Bangladesh continues the kind of economic development it is undergoing now, it will be the 25th largest economy in the world by 2035. The Center for Business and Economic Research, a British economic research organization, has made this prediction in its latest report.
The report, titled ‘Table of the World Economic League 2021’, was published last Friday (December 25). It basically predicts the growth rate of any country in the world in the next year and in the next 15 years. CEBR publishes this report every year.
According to a BBC report in Bangladesh, China will be the world’s largest economy in just seven years. In 2030, India will be the third. And by 2035, Bangladesh’s position among the 193 countries will increase many steps to 25.
According to the 2020 index, Bangladesh is now the 41st largest economy in the world. The CEBR says that the coronavirus epidemic has caused many disruptions in the global economy. Most of the major economies in Europe and America have been severely affected. On the contrary, China will reach a very high position in the coming years due to its very tactical treatment of the coronavirus quickly and strictly.
It was only a matter of time before China became the world’s number one economic power, surpassing the United States. But the CEBR says the process has been accelerated by the coronavirus epidemic. China will overtake the United States in 2026, five years earlier than previously thought.
Success to avoid recession
Like China, Bangladesh has been able to sustain some economic growth in the coronavirus, so the CEBR expects continued strong economic growth in Bangladesh in the coming years.
In its report, the CEBR says that in the years leading up to the outbreak of the Kovid-19 epidemic, GDP growth in Bangladesh was quite good. And it happened despite the continued growth of the population in the country. Over the past five years, the population of Bangladesh has grown at an average rate of one percent.
Compared to the way Kovid-19 has spread to other parts of the world, the infection in Bangladesh has remained very limited. As of mid-December, 7,052 people had died of coronavirus in Bangladesh. Only four people for one lakh. Although the epidemic’s impact on public health in Bangladesh was limited, it has caused significant damage to the economy. Due to the epidemic, global demand fell and the international supply chain collapsed.
However, despite the economic recession in many other countries, Bangladesh has been able to avoid it. In 2020, Bangladesh’s economic growth is expected to be 3.8 percent. In 2019, Bangladesh’s growth was eight point two percent.
According to the CEBR forecast, the Bangladeshi economy will grow at an average rate of 6.8 percent between 2021 and 2025. However, in the next ten years, this rate will decline slightly to an average of six point five percent. . The CEBR says that between 2020 and 2035, Bangladesh will have a significant improvement in the index of the world economy. Now Bangladesh’s economy is at number 41. But in 2035, Bangladesh will be the 25th economic power.
In 2020, the per capita income of the people of Bangladesh stood at $ 5,139. This calculation is taken as PPP or purchasing power parity. Bangladesh is now considered a lower middle income country.
The United States remains the number one power in the world economy, according to the CEBR index. They are followed by China and Japan in second and third place respectively. The top ten countries are followed by Germany, the United Kingdom, India, France, Italy, Canada and Korea.
Italy, Canada and Korea will be removed from the top ten by 2035. They will be replaced by Indonesia, Brazil and Russia. By 2035, three new countries will be added to the list of the world’s top 25 countries: Vietnam, the Philippines and Bangladesh. Of these, Vietnam will have 19, the Philippines 22 and Bangladesh 25.
Bangladesh’s rise is the most dramatic. From the current 41st position, Bangladesh will rise to 25th place, surpassing many countries. The current position of Bangladesh is 41. In 2025, Bangladesh will have 34 seats. Five years later, in 20230, Bangladesh will be the 26th largest economy. In 2035, it will be included in the list of the top 25 countries.
The economies that Bangladesh will surpass include Malaysia, Singapore, Denmark, Hong Kong, United Arab Emirates, Egypt, Norway, Argentina, Israel, Ireland, Austria, Nigeria, Belgium, Sweden, Iran and Taiwan. In the current world index, these countries are above Bangladesh because their economy is larger than Bangladesh.
However, it should be taken into account that this index is made only with the size of the GDP of a country’s economy. Per capita income or quality of life is not a consideration here. And since Bangladesh is a highly populated country and the population will increase further by 2035, the standard of living of the Bangladeshi people will remain very different compared to the countries that lagged behind in many ways.
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