Economic Reporter :
Bangladesh economy did not suffer any major setback in the year 2019 though some headwind stemmed from slowed-down export and import due to shrinking global economic growth, observed International Chamber of Commerce-Bangladesh (ICCB) at its news bulletin of October-December 2019.
“The country archived 8.15 percent GDP in the fiscal 2018-19, considered by Asian Development Bank (ADB) to be the fastest-growing economy in the Asia-Pacific Region,” said the press release revealed on Wednesday.
According to the bulletin, the growth has been possible due to strides by finding new markets for its exports and attracting large number of foreign investors as well as investing in a variety of mega modernization projects. FDI increased to 5.36 per cent year-on-year during July-October period of the fiscal 2019-20.
According to World Bank Chief Economist for the South Asia Region, Hans Timmer, the high frequency data shows that Bangladesh is doing better than the rest of the region, especially than India, Sri Lanka and Pakistan. “We see that in industrial production; we see that in exports.”
Bangladesh’s exports earning in 2019 was $ 39.33 billion which was $39.25 billion in 2018. Import payment during 2019 was $ 59.09 billion against 60.49 billion in 2018 (calendar year).
Remittance earnings stood at $20 billion at the end of 2019, showing a 9.8 percent growth being boosted by depreciation of Taka and cash incentives given at the rate of 2.0 per cent of remitted amount.
According to World Economic Forum (WEF), Bangladesh has been classed by the United Nations as one of the world’s least developed countries (LDCs) since 1975, but its current trajectory means it is likely to shed that description by 2024.
Graduating from LDC status is a sign that a country’s per capita gross national income, human assets, and resilience to economic and environmental shocks are robust enough to enable sustainable development.
In WEF Global Competitiveness Report 2019, Bangladesh was ranked at 105th. The success of the IT industry is central to the digital transformation and ongoing economic growth of Bangladesh. The country exports nearly $1 billion of technology products every year – which is expected to increase to $5 billion by 2021. The country also has 600,000 IT freelancers, WEF said.
Bangladesh economy did not suffer any major setback in the year 2019 though some headwind stemmed from slowed-down export and import due to shrinking global economic growth, observed International Chamber of Commerce-Bangladesh (ICCB) at its news bulletin of October-December 2019.
“The country archived 8.15 percent GDP in the fiscal 2018-19, considered by Asian Development Bank (ADB) to be the fastest-growing economy in the Asia-Pacific Region,” said the press release revealed on Wednesday.
According to the bulletin, the growth has been possible due to strides by finding new markets for its exports and attracting large number of foreign investors as well as investing in a variety of mega modernization projects. FDI increased to 5.36 per cent year-on-year during July-October period of the fiscal 2019-20.
According to World Bank Chief Economist for the South Asia Region, Hans Timmer, the high frequency data shows that Bangladesh is doing better than the rest of the region, especially than India, Sri Lanka and Pakistan. “We see that in industrial production; we see that in exports.”
Bangladesh’s exports earning in 2019 was $ 39.33 billion which was $39.25 billion in 2018. Import payment during 2019 was $ 59.09 billion against 60.49 billion in 2018 (calendar year).
Remittance earnings stood at $20 billion at the end of 2019, showing a 9.8 percent growth being boosted by depreciation of Taka and cash incentives given at the rate of 2.0 per cent of remitted amount.
According to World Economic Forum (WEF), Bangladesh has been classed by the United Nations as one of the world’s least developed countries (LDCs) since 1975, but its current trajectory means it is likely to shed that description by 2024.
Graduating from LDC status is a sign that a country’s per capita gross national income, human assets, and resilience to economic and environmental shocks are robust enough to enable sustainable development.
In WEF Global Competitiveness Report 2019, Bangladesh was ranked at 105th. The success of the IT industry is central to the digital transformation and ongoing economic growth of Bangladesh. The country exports nearly $1 billion of technology products every year – which is expected to increase to $5 billion by 2021. The country also has 600,000 IT freelancers, WEF said.
