They have also warned about corruption, calling for ensuring good governance to help Bangladesh rank 28th among the world’s most powerful economies by 2030 as mentioned in a PwC report.
However, they have criticised the PwC study on total growth rate in Bangladesh comparing to the growth per capita since the a report says the country is posting an average growth of 5% annually.
The country’s projected gross domestic product (GDP) by purchasing power parity, as predicted in the report, will be at $1.324 trillion and is likely to jump to $3.064 trillion by 2050, ahead of Malaysia. The global economic protection trend by developed countries may hamper Bangladesh’s export earnings, they feared.
Terming prime minister’s role in boosting the country’s economy major, State Minister for Finance and Planning MA Mannan said: “It is good news for Bangladesh as it may exceed the Malaysian economy by 2030.”
“From the farmers to one crore Bangladeshi expatriates providing greatly to local economy, we have merged contribution from all.” he said.
“Our vibrant export sector, especially the apparel one, will help us maintain over above 7% growth rate in the next decade,” the state minister hoped.
Mannan also said there will be a sharp fall in corruption coupled with a significant hike in good governance index if the per capital income keeps increasing in the coming years.
AB Mirza Azizul Islam, former finance adviser to the last caretaker government, however, said: “Our economic growth will not continue until the government improves the living standard of the countrymen.”
He also raised his eyebrows about how PwC measured the living standard of the masses in Bangladesh.
On a separate note, he said: “The trade protectionism is on an upward trend across the world. So, how did PwC say our export will not affect the US and European Union markets in next couple of years?”.
The country’s ready-made garment export growth has halved in last six months compared to the same period a year ago, he said, terming the situation an alarming sign in forecasting the GDP growth.
Meanwhile, Dr. Shamsul Alam, a member of Planning Commission, said the predication of PwC on Bangladesh economic is real.
“Amid huge criticism, our country will topple leading economies and middle-income countries within a short span of time,” said Shamsul.