Bangladesh shows 'strong record of growth and development' under Sheikh Hasina: Report (2024)
ANI | Updated: Jan 03, 2023 22:03 IST
Dhaka [Bangladesh], January 3 (ANI): Bangladesh has showcased a "strong record of growth and development, even in times of elevated global uncertainty" under the leadership of Prime Minister Sheikh Hasina, Asian Lite International reported. A "robust demographic dividend, strong ready-made garment (RMG) exports, resilient remittance inflows and stable macro-economic conditions" have backed rapid economic growth in the past 20 years. Bangladesh's capital Dhaka has undergone a "remarkable transformation" with construction in all directions and new flyovers, bridges and commercial sites. The 6.15-km rail-road bridge on the Padma River was formally inaugurated on June 25. It is the country's biggest infrastructure since its independence, according to Asian Lite International. After 50 years, South Asia's youngest nation Bangladesh has excelled to become the "bull case" for the region with Sheikh Hasina at the helm. Within a short period of time, Bangladesh has witnessed growth from being a low-income and least-developed country to a lower-middle-income-developing country, according to Asian Lite International report.
From bringing millions of people out of the clutches of poverty and witnessing more than 6.6 per cent average economic growth to sheltering more than a million displaced Rohingyas from Myanmar, the days of Bangladesh being in the news only for natural disasters have gone. According to the IMF, Bangladesh is now the 43rd largest economy in the world in terms of nominal GDP while its position is 32nd in terms of PPP, as per the news report. Bangladesh is also included in the top 10 fastest-growing economies globally, Asian Lite International reported. A projection by PriceWaterHouseCoopers has forecasted that Bangladesh will be the 28th largest economy by 2030, according to Asian Lite International. In order to take Bangladesh's growth and development to the next level, the Awami League government enacted the Bangladesh Economic Zones Act in 2010 setting up economic zones in various sectors to expand export-oriented industries and attract foreign investment. On December 25, Bangladesh Prime Minister Sheikh Hasina said she accepted the leadership of the Awami League in view of the global economic situation, The Daily Star reported. She made the statement while exchanging greetings with party leaders and activists at Ganabhaban after being elected as Awami League's President for the 10th time. "One must not take (leadership) responsibility so many times. But I accepted the responsibility considering the current global situation. You have to consider that I am getting older," The Daily Star quoted Sheikh Hasina as saying. Sheikh Hasina called people's confidence and trust as Awami League's 'biggest strength,' as per The Daily Star report. She stated that their party believes in the power of the people and urged the party leaders to give priority to strengthening Awami League. (ANI)
Let me dive right into it. Now, when it comes to Bangladesh's growth and development under Prime Minister Sheikh Hasina, the evidence presented in the article showcases a remarkable transformation. The robust demographic dividend, strong ready-made garment (RMG) exports, resilient remittance inflows, and stable macro-economic conditions have played crucial roles in the country's economic ascent over the past two decades.
The article mentions Dhaka's impressive development with construction in all directions, new flyovers, bridges, and commercial sites, indicating a significant infrastructure overhaul. Notably, the 6.15-km rail-road bridge on the Padma River, inaugurated on June 25, is highlighted as the country's most substantial infrastructure project since its independence.
Bangladesh's journey from a low-income, least-developed country to a lower-middle-income-developing nation is emphasized, with an average economic growth rate exceeding 6.6 percent. The country's ability to bring millions out of poverty and provide shelter to over a million displaced Rohingyas from Myanmar speaks volumes about its resilience and commitment to social welfare.
Furthermore, the International Monetary Fund (IMF) ranks Bangladesh as the 43rd largest economy globally in terms of nominal GDP, and it holds the 32nd position in terms of purchasing power parity (PPP). The country is also recognized among the top 10 fastest-growing economies worldwide, according to Asian Lite International.
Looking ahead, projections from PriceWaterHouseCoopers suggest that Bangladesh is poised to become the 28th largest economy by 2030, underscoring its potential for sustained growth.
To support and catalyze this growth, the Awami League government enacted the Bangladesh Economic Zones Act in 2010, aiming to establish economic zones in various sectors. These zones are designed to expand export-oriented industries and attract foreign investment, further propelling Bangladesh's economic development.
Prime Minister Sheikh Hasina's acceptance of the Awami League's leadership for the 10th time, as mentioned in the article, reflects her commitment to navigating the country through global economic challenges. She emphasizes the importance of people's confidence and trust as the party's 'biggest strength,' highlighting a people-centric approach to governance.
In summary, the evidence presented in the article, from economic indicators to infrastructure development and political leadership, collectively paints a picture of Bangladesh's impressive growth and development trajectory under Prime Minister Sheikh Hasina's leadership.
Growth has been the constant in the journey of the Bangladesh economy over the last two decades. Starting from 2004, excluding the outlier year of 2020 when the world economy was severely affected by the Covid-19 pandemic, Bangladesh has maintained a growth rate of over five percent or more.
On a 10-year gross domestic product (GDP) compound annual growth rate (CAGR) basis, Bangladesh ranked as the fastest growing economy in the Asia-Pacific region and also the fastest in the frontier markets, the report said. Bangladesh's CAGR over the last 10, 5 and 3 years was 9.1%, 9.4% and 8.5% respectively.
The economy of Bangladesh is a major developing market economy. As the second-largest economy in South Asia, Bangladesh's economy is the 35th largest in the world in nominal terms, and 25th largest by purchasing power parity.
Bangladesh tells a remarkable story of poverty reduction and development. From being one of the poorest nations at birth in 1971, Bangladesh reached lower-middle income status in 2015. It is on track to graduate from the UN's Least Developed Countries (LDC) list in 2026.
It places huge pressure on the environment, causing problems such as erosion and flooding, which in turn leads to low agricultural productivity. The causes of urban poverty are due to the limited employment opportunities, degraded environment, bad housing and sanitation.
Based on Granger causality test, population growth is endogenous in the development process of Bangladesh and its overpopulation is due to poverty. Thus, there is a need for appropriate policy to take measures to improve human capital and decrease fertility rates.
With an average annual GDP growth of 6.4% between 2016 and 2021, Bangladesh has outpaced Asian peers, such as India, Indonesia, and Philippines, and has performed significantly better than the global average of 2.9%. The country's GDP per capita was ~$2,800 in 2022—already higher than India's.
Rice is the predominant agricultural product, but jute and tea, both of which are key sources of foreign exchange, also are important. Indeed, the country is one of the world's leading suppliers of raw jute.
A GDP of $411 billion, compared to Pakistan's GDP of $347 billion, makes Bangladesh the 33rd largest economy in the world. Experts forecast that the economy's size could double by 2030.
A middle power in the Indo-Pacific, Bangladesh is home to the sixth-most spoken language in the world, the third-largest Muslim-majority population in the world, and the second-largest economy in South Asia.
Bangladesh's people reportedly enjoy levels of life satisfaction and happiness that are higher than other more 'developed' countries. In spite of impressive gains in several human development indicators and consistent GDP growth during the last two decades life satisfaction levels in Bangladesh have declined.
The government has adopted a policy program to (1) spur private investment through financial reform, exchange and trade liberalization, and industrial deregulation; (2) facilitate public investment by raising domestic revenues, curtailing government consumption, and improving project implementation; (3) protect the ...
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Ans : The main difference between economic growth and development is, growth is a temporal concept, which determines a country's income, GDP, whereas, development means long term economic achievements, such as better life and health expectancy.
Bangladesh gdp growth rate for 2022 was 7.10%, a 0.16% increase from 2021. Bangladesh gdp growth rate for 2021 was 6.94%, a 3.49% increase from 2020. Bangladesh gdp growth rate for 2020 was 3.45%, a 4.43% decline from 2019.
The 2023/24 Human Development Report (HDR) titled "Breaking the Gridlock: Reimagining cooperation in a polarised world," revealed that Bangladesh's HDI value for 2022 has increased marginally to 0.670 from 0.662 in 2021, despite holding the same rank.
The economy grew by 6.94 percent in FY 2020-21. According to the provisional estimates of BBS, the GDP growth stood at 7.25 percent in FY 2021-22, 0.05 percentage point higher than the target rate and 0.31 percentage point higher than the previous fiscal year.
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