Bangladesh now a $411b economy

Take necessary policy measures to continue the positive macroeconomic trend

Published : 24 Nov 2021 10:10 PM

The significant economic boost which the country has been witnessing over the recent years is commendable, to say the least. The government’s holistic approach is leading us to great economic achievements. The country's gross domestic product (GDP) has reached $411 billion in the fiscal year 2020-21, up 15.70 percent from previous FY’s, thanks to a new base year adopted by the Bangladesh Bureau of Statistics (BBS).

The size of the country’s economy is huge, and the new base year will reflect it. The size of the agriculture, industry and services sectors has expanded as per the new base year. The new base year uses data on about 144 crops while computing the contribution of the agriculture sector to the GDP, which was 124 crops in the previous base year.

If the remaining economic complexities are 

removed it will surely bolster the already

augmented GDP growth

Government now needs to take necessary policy measures to continue the positive macroeconomic trend. More foreign direct investments should be attracted and exports should be maximised so that we can maintain a trade surplus. To attract more foreign investments in our resilient garment sector, government can target the companies which are recently shifting away from China, and if we can get part of it and attract some of those companies, that would be a good opening to bring and diversify the economy too.

For a sustainable economic growth, government should consider to make economic reforms in the fundamental sense.