According to Canada-based online publication 'Visual Capitalist', Bangladesh has emerged as the 35th largest economy in the world. Earlier, the IMF revealed that Bangladesh and India were the only two South Asian countries considered to be part of the 50 largest economies. Citing IMF statistics, Visual Capitalist published the report titled 'The Top Heavy Global Economy' on December 29, 2022. It has listed countries in terms of gross domestic product (GDP).
Experts are of the opinion that Bangladesh's economy reached this stage due to its macroeconomic stability and 6-plus GDP growth over the last 12/13 years. It is envisaged that Bangladesh's economy will be the 28th largest by 2030 and its economic volume will be $1 trillion by 2025.
Bangladesh economy continues to grow despite global economic slowdown and it remains robust compared to that of other countries in the region. Despite infrastructure bottlenecks and shortage of power in industry, country's major macroeconomic indicators like the growth rate of GDP has remarkably increased and Bangladesh has set a target to achieve 8.51 percent GDP growth by 2025.
While the latest piece of news
is encouraging, the issue
of inclusive growth must
not be ignored
We have reiterated our gratification over the robust growth our economy has achieved over the last decade. There is no denying that the country is speeding on the highway of economic growth, but it also needs to be mentioned that the issue of inclusive growth has long been ignored in Bangladesh.
The rich-poor divide has been growing over the past decade and the fruits of the robust growth have not trickled down to the masses at the expected level. Inequality of wealth between rich and poor has been on an ever-increasing trend. Hence , in order to sustain the country’s economic growth and make it more inclusive, the government must take initiatives for creating more jobs both in the public and private sectors.
In Bangladesh, hundreds of thousands of students pass out of colleges and universities with higher degrees every year but many of them remain unemployed. Boosting private sector investment can change this scenario and make the growth more meaningful. In order to shove Bangladesh to the next level of growth, private investment has to be promoted further.
