Staff Reporter :
Bangladesh has been ranked 41st among the largest economies in the world in 2019, up from the 43rd position since last year, said in annual analyst of UK based think tank Centre for Economics and Business Research (CEBR).
.Like many Asian countries, Bangladesh is set to witness a significant economic growth in the next 15 years as the World Economic League Table, published annually by the CEBR, in London, forecasts the country will gradually climb up to 36th position by 2023, 27th by 2028 and 24th by 2033.
With United States in the top of the table, China, Japan, Germany and India take the lead as the top five economies, the analysis says.
“We expect annual rates of GDP growth (in Bangladesh) to average 7 percent between 2018 and 2033. This will see the country climb 19 places in the World Economic League Table to become the world’s 24th largest economy by 2033,” said the 10th edition of CEBR report published in December last year.
According to it is analysis, Bangladesh has benefitted from garments exports, strong increase in remittances, duty free access to the Indian market, domestic consumption expenditure, government spending.
“Around 43 percent of Bangladeshis work in the agriculture sector, mostly producing rice and jute. Maize, vegetables and wheat play a smaller albeit growing role in the country,” it said.
But the country “runs the risk of negating gains from its successful export sector through its growing appetite for imports. The current account tipped into a deficit in 2017, and this is expected to widen in 2018,” it added.
The government will also need to explore options on how to increase revenues in order to finance upgrades for infrastructure while maintaining the social safety net, it said.
The country is further grappling with the Rohingya refugee crisis.
Meanwhile, CEBR predicts that three of the top five global economies by 2033 will be Asian, with China in top position, India third and Japan fourth. The US will be second and Germany fifth.
Other Asian economies will rise during this period, with South Korea becoming the 10th-largest, Indonesia (12th), Thailand (21st), the Philippines (22nd), and Malaysia (25th), all making the top 25.
China is now the world’s second-largest economy, while its per capita income is still only about one-fifth of the average in areas with high incomes.
Bangladesh has been ranked 41st among the largest economies in the world in 2019, up from the 43rd position since last year, said in annual analyst of UK based think tank Centre for Economics and Business Research (CEBR).
.Like many Asian countries, Bangladesh is set to witness a significant economic growth in the next 15 years as the World Economic League Table, published annually by the CEBR, in London, forecasts the country will gradually climb up to 36th position by 2023, 27th by 2028 and 24th by 2033.
With United States in the top of the table, China, Japan, Germany and India take the lead as the top five economies, the analysis says.
“We expect annual rates of GDP growth (in Bangladesh) to average 7 percent between 2018 and 2033. This will see the country climb 19 places in the World Economic League Table to become the world’s 24th largest economy by 2033,” said the 10th edition of CEBR report published in December last year.
According to it is analysis, Bangladesh has benefitted from garments exports, strong increase in remittances, duty free access to the Indian market, domestic consumption expenditure, government spending.
“Around 43 percent of Bangladeshis work in the agriculture sector, mostly producing rice and jute. Maize, vegetables and wheat play a smaller albeit growing role in the country,” it said.
But the country “runs the risk of negating gains from its successful export sector through its growing appetite for imports. The current account tipped into a deficit in 2017, and this is expected to widen in 2018,” it added.
The government will also need to explore options on how to increase revenues in order to finance upgrades for infrastructure while maintaining the social safety net, it said.
The country is further grappling with the Rohingya refugee crisis.
Meanwhile, CEBR predicts that three of the top five global economies by 2033 will be Asian, with China in top position, India third and Japan fourth. The US will be second and Germany fifth.
Other Asian economies will rise during this period, with South Korea becoming the 10th-largest, Indonesia (12th), Thailand (21st), the Philippines (22nd), and Malaysia (25th), all making the top 25.
China is now the world’s second-largest economy, while its per capita income is still only about one-fifth of the average in areas with high incomes.
