Bangladesh now world’s 41st largest economy

Address the hurdles to sustaining inclusive growth

Published : 19 Jul 2022 12:58 AM | Updated : 19 Jul 2022 04:30 PM

It is encouraging to note that Bangladesh  has secured the 41st position in global economy considering Gross Domestic Product (GDP) while second in the South Asia. The ranking came in a report published by the Canadian-based news agency Visual Capitalist. According to the report, GDP of Bangladesh is 397 billion or 39 thousand 7 billion dollars with only India above Bangladesh in South Asia

It needs no emphasising that the existing policies implemented by the government over the last several years have been fruitful towards boosting the country’s economic growth. As a result of the government’s various endeavours, the pace of the country’s remittance inflow remarkably increased over the last several years. Country's major macroeconomic indicators like the growth rate of GDP too have 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 

Read More: NBR expects over Tk 3 tln revenue in FY 22

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 beneath this optimistic picture there also lies the worrying side of it.

While the latest piece of news is encouraging, the issue of inclusive growth must not be ignored. 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. Reportedly, less than 10 percent of the total population own more than what the rest 90 percent does. 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.