Bangladesh is the third largest economy country in Asia.According to data, published by the United States on thursday Bangladesh is the third largest economy country in South Asia in a report titled ‘Global economic Prospectus 2020’.The World Bank predicts Bangladesh to be the third largest country to achieve gross domestic production (GDP).
World Bank said, ‘GDP growth in Bangladesh will increase to 7.2 percent in the current (2019-2020) fiscal year.Global growth has been predicted by considering political stability, integrated macro economic structure, various business assesment initiatives, investment in big projects according to plan.
According to the report, Bangladesh will be on top of the other three countries of the world – Guyana, Rwanda and Djibouti. Guyana may have the highest GDP growth of 86.7 percent. This may be possible because the base of the country’s economy is quite small. In addition, Rwanda is expected to grow at 8.1 percent and Djibouti is expected to grow at 7.5 percent.
World Bank thinks Bangladesh will have the highest growth in South Asia. But India’s growth will also increase. In the current financial year, the country’s GDP growth will rise to 5.8 percent. That was 5 percent in the last financial year. Pakistan’s growth will come down to 2.4 percent. Nepal will grow at 6.4 percent, Bhutan 5.6, Maldives 5.5, Sri Lanka 3.3 and Afghanistan 3 percent.
In the context of Bangladesh, the World Bank forecasts also said , ‘GDP growth in Bangladesh was 5.7 percent in the financial year 2018-19. This year it will be drastically reduced. In the next two years, the company predicts GDP growth at 7.3 percent in Bangladesh.
The World Bank says the country grew by more than 8 percent in the last fiscal year. At that time, there was a growth in export earnings as well as increasing domestic demand. Due to the China-US trade war, Bangladesh has seen some gains in export earnings. Investment in infrastructure sector has increased in this country.As a result,confidence of business is coming.
However, the World Bank also says some challenges. That is – Bangladesh, like other countries in South Asia, has an investment deficit. There are also challenges in the financial sector.
Dhaka Bureau Chief,January 11,2020