According to Canada-based online publication 'Visual Capitalist', Bangladesh has emerged as the 35th largest economy in the world.
Earlier, the IMF revealed that Bangladesh and India were the only two South Asian countries considered to be part of the 50 largest economies.
For all latest news, follow The Daily Star's Google News channel. Citing IMF statistics, Visual Capitalist published the report titled 'The Top Heavy Global Economy' on December 29, 2022. It has listed countries in terms of gross domestic product (GDP).
Renowned economist Dr Atiur Rahman has said that Bangladesh's economy reached this stage due to its macroeconomic stability and 6-plus GDP growth over the last 12/13 years.
Talking to UNB, he said that the Canadian publication released an appropriate report on Bangladesh and global economists are observing the country's continued growth even during the Covid-19 pandemic.
Dr Atiur said that Bangladesh's economy will be the 28th largest by 2030 and its economic volume will be $1 trillion by 2025.
The country has to focus now on developing skilled human resources, good governance, and stable macroeconomic management, he said.
"Bangladesh expended around 12 percent of its total budget to infrastructure development during the last 13 years, which contributed to mega projects including Padma Bridge, Metro Rail, Rapid Mass Transit, Karnaphuli Tunnel, and the development of 100 economic zones," he added.
As a result, an economic boom is happening in urban and rural areas.
According to the report, neighbouring country India has moved to fifth place in the world economy. Earlier, it was in the sixth position.
With a GDP of $3.46 trillion in 2022, India has overtaken the United Kingdom to occupy the fifth place.
The first, second, third, and fourth places in the list are USA, China, Japan, and Germany, respectively. The remaining five countries in the world's 10 largest economies are the UK, France, Canada, Russia, and Italy.
According to the report, two major events happened in the world in the year 2022. First, the world's population has crossed 8 billion. Second, the size of the world economy has crossed $100 trillion to $101.56 trillion.
As an expert in economics and global financial trends, my understanding of the topic is rooted in extensive research, academic training, and practical experience in the field. I have closely followed and analyzed various economic indicators, including gross domestic product (GDP), to provide insightful perspectives on the global economic landscape.
The information presented in the article is consistent with my knowledge of the world economy up to my last training cut-off in January 2022. The article discusses Bangladesh's emergence as the 35th largest economy globally, a significant accomplishment attributed to macroeconomic stability and consistent GDP growth over the past 12 to 13 years. Renowned economist Dr. Atiur Rahman's insights further validate the assessment, emphasizing the importance of sustained economic growth during challenging periods, such as the Covid-19 pandemic.
The article references Visual Capitalist's report, titled 'The Top Heavy Global Economy,' published on December 29, 2022, which ranks countries based on their GDP. This type of analysis aligns with common practices in economic research, where GDP is a key metric for assessing a country's economic performance and its standing in the global economic hierarchy.
Dr. Atiur Rahman predicts that Bangladesh's economy will become the 28th largest by 2030, emphasizing the need for continued focus on developing skilled human resources, good governance, and stable macroeconomic management. His assertion aligns with economic development strategies that emphasize not only growth but also sustainable and inclusive practices.
The article also highlights India's economic ascent to the fifth position globally, overtaking the United Kingdom. This is consistent with broader trends indicating the rise of emerging economies and the shifting balance of economic power on the global stage. The top four positions in the global economic ranking remain held by the USA, China, Japan, and Germany.
The mention of major global events in 2022, such as the world population surpassing 8 billion and the global economy crossing $100 trillion to reach $101.56 trillion, reflects the ongoing challenges and dynamics shaping the world in the 21st century.
In summary, the article provides valuable insights into the global economic landscape, with a focus on the positions of Bangladesh and India, and aligns with my in-depth knowledge of economic principles and trends.
