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Bangladesh, once known as a bottomless basket, is today the 41st largest economic power in the world, removing the stigma of work from millions of people. Standing on the threshold of the golden jubilee of independence, Bangladesh is today on its way to becoming a middle-income country by erasing the identity of the lower-middle-income country. Bangladesh is on the right track to achieve the United Nations Millennium Development Goals (MDGs) and the Sustainable Development Goals (SDGs). The benefits of which have begun to equalize by alleviating poverty by improving the situation of the country’s population. The Center for Business and Economic Research, a British economic think-tank, has predicted that Bangladesh will emerge as the world’s 25th largest economy by 2035 if the economy continues to grow at that rate.
(CIBR). The report titled ‘Table of the World Economic League 2021’ published last Friday gave such a forecast. It basically predicts the growth rate of a country’s economy in the next year and in the next 15 years. CEBR publishes this report every year.
The BBC discussed the CIBR report in detail in a report titled ‘Bangladesh will be the 25th largest economy in the world beyond countries’ on Monday. The report was made by BBC correspondent Moazzem Hossain. According to the report, in just seven years, China will overtake the United States as the world’s largest economy. In 2030, India will be the third. And by 2035, out of 193 countries, Bangladesh’s position will rise many steps to 25. According to the 2020 index, Bangladesh is now the 41st largest economy in the world.
The CEBR says that the corona virus epidemic has caused many disruptions in the global economy. Most of the major economies in Europe and America have been severely affected. China, on the other hand, will be in a very advantageous position in the coming years due to its very tactical and quick and tough response. And in the same way as China, Bangladesh has also been able to sustain some economic growth in the corona virus, so we expect continued strong economic growth in Bangladesh in the CEBR years to come.
The report further said that in the years before the epidemic started, GDP growth in Bangladesh was quite good. What has happened is that despite continued population growth in Bangladesh. Over the past five years, the population of Bangladesh has grown at an average rate of 1 percent. Even after that, transmission in Bangladesh has remained very limited compared to the way that Kovid-19 has spread to other parts of the world. By mid-December, more than 6,000 people had died from the corona virus in Bangladesh. Only 4 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, the demand for various export products around the world has decreased and the international supply chain has also collapsed.
However, despite the economic recession in many other countries, Bangladesh has been able to avoid it. Bangladesh’s economic growth is expected to be 3.6 percent in 2020. In 2019, Bangladesh’s growth was 7.2 percent. According to the CEBR forecast, the Bangladeshi economy will grow at an average rate of 7.8 percent between 2021 and 2025. However, in the next ten years, the rate will decline slightly to an average of 8.5 percent. Again, between 2020 and 2035, Bangladesh will improve significantly 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 should be taken as PPP or purchasing power parity. Bangladesh is now considered a lower middle income country.
Spectacular rise of Bangladesh
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 next 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, Vietnam, the Philippines and Bangladesh will be added to the list of the top 25 countries in the world. Of these, Vietnam will have 19, the Philippines 22 and Bangladesh 25.
Among these countries, the BBC has described Bangladesh’s rise as the most dramatic. Because of the current Bangladesh ranking 41, Bangladesh will reach 25th place, surpassing many countries. Before that, in 2025, Bangladesh will have 34 seats. Five years later, in 2030, Bangladesh will be the 26th largest economy. 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 by 2035, the standard of living of the people of Bangladesh will remain very different in many respects compared to the countries that were left behind.
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