From the rubble of a war-ravaged country, Bangladesh's nominal per capita income has surged to $2,793 in 2023, up from a mere $91 just after gaining independence in 1972. This remarkable growth can be attributed to the prudent macroeconomic policies of the Awami League government, which navigated various odds and difficulties.
During the more than three and a half years of Father of the Nation Bangabandhu Sheikh Mujibur Rahman's tenure, the per capita income increased by 204%, reaching $277 in 1975, BSS reported.
Before Bangabandhu's assassination, he stabilized the economy from a fragile condition. The per capita income was $114 in 1973, rising to $172 in 1974. The taka-dollar exchange rate increased from 7.7 in 1972 to 12.18 in 1975.
Subsequently, the per capita income only increased by $6 in the following 16 years, from 1975 to 1991, during the rule of military dictators Ziaur Rahman and Hussain Muhammad Ershad.
Official data revealed a 15% reduction in per capita income from 1976 to 1981, and it took 15 years to regain the $277 level in 1990, although it had reached that figure in 1975.
During the military rule, per capita income fluctuated, ranging from $132 in 1976 to $294 in 1990 and $283 in 1991.
According to Planning Minister MA Mannan, Bangabandhu laid the foundation for Bangladesh's economy after independence, leading it to stability in a short period. The quantum jump in per capita income during the Awami League government was attributed to the hardworking people in various sectors and expatriate Bangladeshis.
Mannan highlighted the modernization of agriculture by farmers, the contribution of millions of workers in the RMG and industrial sectors, and the visionary leadership of Prime Minister Sheikh Hasina as factors behind the positive macroeconomic indicators.
Under the BNP government from 1991 to 1996, per capita income increased by $102, reaching $387 in 1996 from $285 in 1992. Despite a global recession from March 2001 to November of that year, per capita income rose to $410 in 2001 and increased by $93 during the BNP-Jamaat government's five-year rule, reaching $503 in 2006 from $407 in 2002.
Following the Awami League's victory in December 2008, the per capita income experienced exponential growth from 2009 to 2023, multiplying almost five times to $2,793 from $686 in 2009.
Considering the per capita income on purchasing power parity (PPP), it also multiplied by five times in 2023 to $8,779, compared to $1,724 in 2006 when the BNP-Jamaat was in power.
Riding on prudent macroeconomic policies, various schemes, and strategies, the per capita income gradually increased over the years, reaching $2,793 in 2023. The figures are as follows: $776 in 2010, $856 in 2011, $877 in 2012, $974 in 2013, $1,109 in 2014, $1,236 in 2015, $1,660 in 2016, $1,816 in 2017, $1,963 in 2018, $2,122 in 2019, $2,233 in 2020, $2,458 in 2021, and $2,688 in 2022.
