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Dhaka Tribune

Bangladesh now a case study of economic uplift in world

Bangladesh's GDP will increase to 6.3 trillion dollars in 2075, according to the forecast

Update : 22 Jul 2023, 06:52 PM

Renowned US online newspaper Policy Watcher lauded Bangladesh's economic achievements saying that as one of the fastest growing economies, Bangladesh has now become a case study of economic development in the world.

 "On the basis of macro-economic stability, the economy of Bangladesh has grown 271 times in 50 years," said the online newspaper in an article of its July 22 issue with the headline 'Is Bangladesh's economy really moving fast?'

Policy Watcher carried the article in its editorial picks section and writer Emilia Fernandez, a security and political analyst with a particular focus on South Asian geopolitics, is a PhD. researcher at the University of Lucerne, Switzerland.

In the article Emilia Fernandez said Bangladesh is ahead of India and Pakistan in many economic and social indicators. Bangladesh has now become a case study of economic development in the world, which few economists could have predicted, she added.

When Bangladesh overtook Pakistan in GDP growth in 2006, many dismissed it as a fluke but since then, Bangladesh has surpassed Pakistan every year and Bangladesh is now one of the fastest growing economies in the world, she wrote.

She said Bangladesh's successful journey is a good example and in just two decades Bangladesh has overtaken Pakistan in important economic indicators and Bangladesh's per capita GDP has grown by 500% in the last 20 years, which is two and a half times that of Pakistan.

Bangladesh is ahead of India-Pakistan in the economic freedom index, she said, adding that according to a report by the Washington-based conservative think tank The Heritage Foundation, Bangladesh is ranked 120th with a score of 56.5 in 2021. India is at the 121st position with the same score as Bangladesh and Pakistan's position is 152nd.

She said Bangladesh is ahead of India-Pakistan in the global peace index. In the latest Global Peace Index (GPI) published by the Institute for Economics and Peace (IEP), an international research institute based in Sydney, Australia, Bangladesh is ahead of India and Pakistan in South Asia, she added.

The economic journey of independent Bangladesh started in 1972 and at that time India and Pakistan were ahead in every economic index.

"Today after 50 years India and Pakistan are lagging behind Bangladesh in almost every index. This is the great achievement of the independence.

Human resource is considered the most important factor in the development of any country, so Bangladesh is ahead not only of Pakistan but also India in many fields," she said in the write-up.

She said Bangladesh has far ahead of Pakistan in terms of women education, health care, women empowerment, reduction of maternal and child mortality.

She wrote that all the countries of the world are facing tough times in the global recession except few and this pressure is being felt strongly in Bangladesh as well. Bangladesh's foreign exchange reserves were at rock bottom when the current government came to power and the economy was on the verge of collapsing under the charisma of the overqualified One-Eleven regime, she said, adding that since then, the history of Bangladesh is moving forward.

Even during this Great Recession, Bangladesh's economic growth has outstripped that of what is considered the world's richest and best economic power, she wrote.

Bangladesh's strong steps forward has started the burning of the world. The manipulation of world leaders has started on how to stop this country, Emilia Fernandez said and added that however, the fact that Bangladesh cannot be defeated has been highlighted in the Goldman Sachs report as it is said that Bangladesh will be the 16th economy in the world by 2075.

According to the forecast, she said the GDP of Bangladesh will increase to 6.3 trillion dollars in 2075. According to that, the GDP of Bangladesh will be 6.3 trillion dollars. GDP in local currency will be Tk686.7 lakh crore.

This is Tk636 lakh crore more than the government's estimated GDP in the current financial year. 

The economy is predicted by the potential for training and skills for a country's growing population, labour force and vast talent pool. 

Goldman Sachs' GDP Outlook 2075 calls emerging economies promising. The economy of Bangladesh is moving fast. Due to the corona epidemic, the GDP growth has slowed down a bit, but the economy is picking up again.

"If this trend continues, Bangladesh will be able to reach the desired destination in 2075. The economy of Bangladesh will surpass Saudi Arabia, Canada, Australia, Turkey, Italy, Malaysia and South Korea. The world will look at Bangladesh in amazement," wrote Emilia Fernandez.

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